China GDP growth slows to 6.2% in second quarter

China's growth slowed to its weakest pace in almost three decades in the second quarter, with the US-China trade war and weakening global demand weighing on the world's number-two economy, official data showed Monday.
The slowing economy makes it more difficult for President Xi Jinping to fight back forcefully against Washington -- which is using tariffs as leverage to try to force Beijing into opening up its economy.
The 6.2 percent figure released by the National Bureau of Statistics was in line with a survey of analysts by AFP and down from a 6.4 percent expansion in the first quarter.
The GDP figures are within the government's target range of 6.0-6.5 percent for the whole year, down from the 6.6 percent growth China put up in 2018.
"Economic conditions are still severe both at home and abroad, global economic growth is slowing down and the external instabilities and uncertainties are increasing," said NBS spokesman Mao Shengyong.
"The economy is under new downward pressure."
Beijing has introduced measures including a massive tax cut to boost the economy, but they have not been enough to offset a domestic slowdown and softening overseas demand -- made worse by a punishing trade war with its biggest trading partner country, the United States.
Total exports rose only 0.1 percent on-year during the first six months.
Analysts widely expect Beijing will step up support in the coming months. Mao told journalists: "There is still much room for policy manoeuvering".
Monetary easing is expected to help boost the economy, and the central bank on Monday finalised a previously announced cut to the amount of cash that small and medium-sized banks hold in reserve.
With this year marking the 70th anniversary of the People's Republic of China founding, politics necessitates healthy growth, said Raymond Yeung of ANZ bank.
"The Chinese government will not allow the quarterly growth to fall below 6.0 (percent)," he said in a note.
- Bright spots -

Chart showing China's quarterly growth (AFP Photo/)

China GDP

Chart showing China's quarterly growth (AFP Photo/)
China GDP growth slows to 6.2% in second quarter

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