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China's second quarter growth meets expectations at 6.7% China's second quarter growth meets expectations at 6.7%
(about 2 hours later)
China's economy grew at an annual pace of 6.7% in the three months to June, official data showed, meeting forecasts for the period.China's economy grew at an annual pace of 6.7% in the three months to June, official data showed, meeting forecasts for the period.
That marked a slight slowdown from a 6.8% expansion recorded in the previous quarter.That marked a slight slowdown from a 6.8% expansion recorded in the previous quarter.
The data comes as the government fights to contain ballooning debt and as trade tensions with the US escalate. The data comes as the government has been fighting to curb growing debt and as trade tensions with the US escalate.
The US raised the stakes in a trade war last week, listing another $200bn worth of Chinese goods to be hit by tariffs.The US raised the stakes in a trade war last week, listing another $200bn worth of Chinese goods to be hit by tariffs.
Analysts had forecast China's economy would expand 6.7% during the second quarter.Analysts had forecast China's economy would expand 6.7% during the second quarter.
"We expect growth in [the second half of the year] to be challenged by the slow credit growth and softer real estate activity. Also, the intensifying trade conflict with the US will start to weigh on growth," Oxford Economics said in a research note. Chinese stock markets, which have struggled recently amid the escalating trade dispute between the US and China, traded down slightly on Monday.
"GDP growth eased...on softer global trade and the tightening of financial policy since early 2018," Oxford Economics said in a research note.
It expects slow credit growth and softer real estate activity - along with the "intensifying trade conflict with the US" - to weigh on China's growth in the second half of 2018.
The US slapped tariffs on $34bn of Chinese goods on 6 July, opening the way for a tit-for-tat trade war with the world's second largest economy.
China retaliated and said the US had launched the "largest trade war in economic history."
Tom Rafferty at the The Economist Intelligence Unit said they were more worried about dwindling demand within China than from abroad.
"The EIU is more concerned about slowing domestic demand within China's economy, with investment persistently weak and consumption also having slowed, and these are much more important drivers of growth than exports," he said in a research note.
China's monthly trade surplus with the US hit a record high of nearly $29bn (£22bn) in June as exports to America remained strong.
US President Donald Trump recently suggested that more than $500bn of Chinese goods could be hit by tariffs. That is almost equal to the value of China's entire goods exports to the US last year.