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China growth slows as trade turmoil weighs on economy | China growth slows as trade turmoil weighs on economy |
(32 minutes later) | |
China's economy has slowed as trade turmoil triggered by US President Donald Trump's tariffs and a prolonged crisis in the property market weigh on growth. | China's economy has slowed as trade turmoil triggered by US President Donald Trump's tariffs and a prolonged crisis in the property market weigh on growth. |
Official figures show the world's second largest economy grew by 5.2% in the three months to the end of June, compared to the same time last year. That's down from 5.4% in the previous quarter. | Official figures show the world's second largest economy grew by 5.2% in the three months to the end of June, compared to the same time last year. That's down from 5.4% in the previous quarter. |
But the country has so far avoided a sharp downturn, partly due to measures announced by Beijing to help support the economy and a fragile tariffs truce with Washington. | But the country has so far avoided a sharp downturn, partly due to measures announced by Beijing to help support the economy and a fragile tariffs truce with Washington. |
The economy "withstood pressure and made steady improvement despite challenges", said China's National Bureau of Statistics in a statement. | |
Also on Tuesday, official figures showed a drop in China's new home prices in June, falling at the fastest monthly pace in eight months. | |
The data suggests the country's real estate industry is continuing to struggle despite several rounds of measures to support property prices. | |
Some economists expect China to miss its "around 5%" annual growth target this year. | Some economists expect China to miss its "around 5%" annual growth target this year. |
"The real question is by how much. We believe it will defend a floor of 4%, which remains the minimum politically acceptable level," Dan Wang, director for China at consultancy Eurasia Group told the BBC. | "The real question is by how much. We believe it will defend a floor of 4%, which remains the minimum politically acceptable level," Dan Wang, director for China at consultancy Eurasia Group told the BBC. |
A tariffs war between China's President Xi Jinping and Trump led to the US imposing a 145% levy on Chinese imports. In return, Beijing introduced a 125% duty on some US goods. | A tariffs war between China's President Xi Jinping and Trump led to the US imposing a 145% levy on Chinese imports. In return, Beijing introduced a 125% duty on some US goods. |
Those tariffs were paused after negotiations in Geneva and London. The two sides now have until 12 August to reach a long-term trade deal. | |
Washington has also hit countries with close economic ties to China with heavy levies. | Washington has also hit countries with close economic ties to China with heavy levies. |