International trade: China hits lowest growth rate since 1990s
China’s economy has grown at its slowest rate since the early 1990s in Q2.
According to official figures, in the last three months to June 2019, the economy grew by only 6.2 per cent from a year previous.
The data was released today (July 15), showing China’s growth rate decreased from 6.4 per cent in the first three months of the year.
The country is currently in a trade war with the US, which has weighed on this figure and put business relationships under threat.
Edward Moya, senior market analyst at Oanda, said the US-led trade war is damaging: “The trade war is having a huge impact on the Chinese economy, and with no end sight as trade negotiations struggle for meaningful progress, we are probably not near the bottom for China’s economy.”
China has said its economy “performed within the reasonable range” in Q1 2019, however rising pressure meant that figure significantly dropped below average in Q2.
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