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Home / Business / China's economy slows down at the lowest price of nearly 30 years: NPR

China's economy slows down at the lowest price of nearly 30 years: NPR



People walk past a store in Beijing on Monday. The government's figures show that China's pace of economic growth in the second quarter was at its slowest for almost three decades.

Andy Wong / AP


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Andy Wong / AP

People walk past a store in Beijing on Monday. The government's figures show that China's pace of economic growth in the second quarter was at a slower pace for almost three decades.

Andy Wong / AP

Updated at 11:50 ET

China's economy grew at the slowest pace for 27 years, as the US commercial war charges a fee.

The second largest economy in the world was 6.2% in the second quarter of 2019, down from 6.4% in the first quarter, according to data released by the Chinese government.

The second quarter growth rate was longest since 1992.

Mao Shengyong, a spokesman for the National Bureau of Statistics of China, told reporters at a press conference that the "external environment" is more complicated than before.

Months of trade negotiations between Beijing and Washington have resulted in deaths. President Trump and Chinese President Xi Jinping promised to resume trade talks after the G20 summit in Japan in June. In which analysts see an immediate cease-fire, Trump chose to hold on to a threat to impose new tariffs of about $ 300 billion on further Chinese imports.

But the president took on Twitter Monday morning to comment on China's economic growth. "The US tariffs are of great importance to companies that want to leave China for non-tariff countries," he tweeted . "Thousands of companies go. Therefore, China wants to enter into an agreement with the United States and wants it not to have broken the original deal in the first place."

Nevertheless, the decline is not unexpected. It is within a target area that the government has at 6% -6.5%. Domestic spending from Chinese consumers kept the economy slower even further.

As for China, the formidable economic growth of the past three decades is growing, the Chinese government continues to implement policies to encourage domestic investment and stimulate the economy. [19659009] Meanwhile, on Monday, Trump is expected to use his political will to sign an executive order intended to increase the production of American steel and iron.

The move will not be Trump's first attempt at strengthening the US steel industry. He made tariffs on imports from most large steel-producing countries in 2018. The measure may have increased the tariffs between Chinese and American goods.

Economists have warned for several months about an economic downturn in China in 2019. "Even back in November, they talked about the cold winter that came up. They didn't talk about the weather," economist Christopher Balding told the NPR in January. 19659019]
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