BREAKING NEWS: China's Economic growth slumps to the lowest it has ever been in 27 years!!

@Kennedy Maina your thoughts?!

[SIZE=7]China’s economic growth slumps to lowest in 27 years as the trade war hits[/SIZE]
By Laura He, CNN Business
Updated 7:19 AM EDT, Mon July 15, 2019

Hong Kong(CNN Business)China’s economic growth has slumped to its lowest level in nearly three decades as the world’s second largest economy feels the effects of a prolonged trade war with the United States.

The country’s gross domestic product grew at 6.2% in the quarter ended June, the slowest quarterly growth rate since 1992 and down from 6.4% in the previous quarter, according to government figures released on Monday.

And the Chinese economy will continue to face “downward pressure” in the second half of this year, the country’s National Bureau of Statistics said in a statement.

“The Chinese economy is still in a complex and grave situation,” it said. “Global growth has slowed and external uncertainties are on the rise.”

Beijing and Washington recently agreed a temporary truce in their months-long trade war and are planning to restart trade talks.

White House trade adviser Peter Navarro said in an interview with CNBC on Friday that US Trade Representative Robert Lighthizer will travel to Beijing with Treasury Secretary Steven Mnuchin in the near future.

But analysts say question marks remain over whether the two sides can reach a deal to remove tariffs introduced over the past 12 months.

“Uncertainty caused by the US-China trade war was an important factor and we think this will persist,” said Tom Rafferty, principal economist, China at The Economist Intelligence Unit.

“Businesses remain skeptical that the two countries will reach a broader trade agreement and recognize that trade tensions may escalate again,” he added.

The growth numbers come after China reported a fall in both exports and imports for the first six months of this year, indicating the toll the trade war is having on an economy already suffering from weaker domestic demand.

China’s exports fell 1.3% year-on-year for the first half in dollar terms, while imports dropped 7.3%.

The country recorded a sharper decline in exports to the United States, which decreased 8.1% for the first six months of 2019. Imports from the United States plunged 30% year on year.

The trade war and China’s economic slowdown has already hit some of the world’s biggest businesses.

Apple’s (AAPL) sales in China have tumbled. Its revenue in the Greater China region, which includes Hong Kong and Taiwan, dropped 21.5% in the second quarter from the same period a year ago, to $10.22 billion. Greater China accounted for about 18% of Apple’s total revenue.

Global auto brands are also suffering as the world’s largest car market slows further this year, following its first contraction in decades in 2018. Chinese consumers are less willing to make big ticket purchases in the uncertain environment, while a government campaign against deadly levels of pollution is also having an impact.

Still, the trade war is helping others at the same time it’s hurting China’s growth.

Americans are buying more from suppliers in Vietnam, Taiwan, Bangladesh and South Korea as they try to avoid US tariffs on Chinese consumer goods, according to data released by the Census Bureau.

Analysts expect Beijing to unveil more stimulus measures to stabilize growth, including boosting infrastructure spending and possible interest rate cuts by the country’s central bank, the People’s Bank of China. The US Federal Reserve has also signaled it may lower interest rates.

“While the PBOC has already delivered stimulus this year, markets are awaiting. … additional measures, which will probably come if trade talks collapse,” said Edward Moya, a senior market analyst at Oanda. "If talks steadily progress, we will still probably see the [bank] deliver fresh stimulus following the Fed’s highly anticipated rate cut at the end of the month. "

Nanlin Fang contributed to this report.

Inaitwa kuficha white babaa,2007 most countries were hit with financial crisis ,a number of them still lament up to now but their GDP is off the roof.china are a bunch of sleazy businessmen rolled into one.

Cannot trust an article whose example of China’s economic downturn is Apple sales.

Anyway @patco tumia kichwa saa ingine. Everyone knows that the more developed the country the slower the economic growth. It’s only normal that China’s economic growth is slowing down as she becomes more and more developed. Expect China GDP growth to continue to slow down.

Maybe wako mahali trump alikuuta USA ikiwa.lmfao

U.S. economy to grow at 3.1 percent in 2018, CBO says. The U.S. economy is projected to grow by 3.1 percent this year, as more government spending and tax cuts help propel an expansion, the Congressional Budget Office said Monday.

:smiley:

Has China entered the innovative economy phrase ? , because if it did, then it’s economic growth should slide further down to around 2%.
There economic growth being at 6.2 % suggest otherwise. Bado weko kwenye copy cat phrase.

@patco are you aware Chinese devalues their currency.

When was the last devaluation?

Wasn’t that what you wanted all along?
Now you should bask gleefully or even go to sleep. Why not seeing that the job has been done, goals accomplished!

China has been screwing USA for long. Trump amewageuzia.

Don’t be deceived.

Tembelea kituo cha Google.

It’s true. Trade imbalance was over $400 billion per year

Ghasia ata wewe hujui ndio maana unatuma mtu guguu

The slowdown is due to other reasons other than the trade war with the United States. A quick glance at the GDP will reveal a similar trend from 2016 and even earlier.

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Some of the major reasons for the slowdown include the restructuring of local debt, an aging workforce, increasing wages, reducing workforce, reducing foreign investments due to rising wages, reducing trade surplus etc.