China GDP growth slows to 6.2%, 27-year low |
China`s Premier Li Keqiang said this month that China will make timely use of cuts in banks` reserve requirement ratios (RRR) and other financing tools to support smaller firms, while repeating a vow not to use “flood-like” stimulus. China`s economic growth slowed to 6.2% in the second quarter from a year earlier, the weakest in at least 27 years, as demand at home and abroad faltered as the United States ratcheted up trade pressure.But stronger-than-expected gains in June factory output and retail sales offered some signs of stabilisation. China`s trading partners and financial markets are closely watching the health of the world`s second-largest economy as the Sino-U.S. trade war gets longer and costlier, fuelling worries of a global recession. Monday`s growth data marked a further loss of momentum for the economy from the first quarter`s 6.4%, amid expectations that Beijing needs to announce more measures to boost consumption and investment and restore business confidence.Analysts polled by Reuters had forecast gross domestic product (GDP) in the April-June quarter rose 6.2%, the slowest pace since the first quarter of 1992, the earliest quarterly data on record.
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