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Home / Business / Beijing releases economic data in the midst of a trade war with the United States

Beijing releases economic data in the midst of a trade war with the United States



A Chinese flag is seen in front of containers at Yangshan Deep-Water Port, an automated cargo dock, in Shanghai on April 9, 2018.

Johannes Eisele | AFP | Getty Images

On Friday, China released GDP figures for the third quarter showing that the economy grew 6.0% from a year ago.

Analysts polled by Reuters expected China's GDP for the third quarter to grow 6.1% from a year ago. [19659002] In the second quarter of 201

9, China's economy grew 6.2% from a year ago – the weakest rate of at least 27 years, when the country's trade war with the United States took its toll.

China's GDP has fallen sharply since the first quarter of 2018 when it grew 6.8% due to credit tightening and the country's trade conflict with the United States, said Vishnu Varathan, chief of finance and strategy for Asia and Oceania Treasury Department at Mizuho Bank.

"There is no doubt that the decline is severe," Varathan added in a note Monday sent before the data.

Beijing's official growth target for 2019 is 6% to 6.5%.

Although Beijing's official GDP figures are tracked as an indicator of health to the world's second-largest economy, man y outside experts have long expressed skepticism about the truth of China's reports.

Recent data from China have not been positive.

China's September import and export data came out worse than expected amid the country's trade friction with the United States

The two economic giants have been involved in a trade dispute for more than a year, with each country applying billions of dollars in goods from the other.

The latest round of talks between the world's two largest economies was completed late last week in Washington, DC. After the meeting, the United States said they would suspend a tariff increase on Chinese goods that would come into force on Tuesday this week.

President Donald Trump said that China agreed to a "very significant phase one deal" that will be written over the next three weeks. Trump also said the deal will deal with intellectual property and financial services, as well as Chinese purchases of around $ 40 billion to $ 50 billion in agricultural products.

This is news. Please check for updates.


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