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BEIJING – China's economic expansion slowed in the second quarter, as the government's priority debt agenda is already charging its price even before growth has an expected impact on the economy. trade dispute with the United States
Gross domestic product (GDP) grew 6.7% in the second quarter compared to the same period last year, down slightly from 6.8% in the first quarter of this year, according to the National Government Bureau of Statistics (NBS) of the Chinese government Monday
The growth rate of 6.7% per annum was exactly in line with the forecasts of Chinese economists
For the first half of 2018, GDP grew by 6.8% over the same period last year
GDP grew by 1.8% compared to the second quarter of this year with the previous quarter immediately.
Although growth remains above the Beijing target, this With a 6.5% drop over the year, signs of a slowdown have widened in recent months, with declining investments in factories and infrastructure. Much of this reduction was attributed to Beijing's initiative to limit risky lending and the pursuit of credit, which has complicated the task of some companies.
A growing trade battle with the United States threatens to reduce growth in the coming years. month. This has led China's leadership to change the selector by slowing its campaign against risk and advancing in support of economic expansion.
Last week, the central government released the subway and other railway projects in urban areas. because of debt problems. Commercial banks have also increased their lending in the past month to boost trade.
However, trade with the United States should weigh on the economy, especially if it intensifies. China and the United States have applied rights to about $ 34 billion worth of goods, one country against the other, in July and $ 16 billion is being prepared.
Although the sums are small compared to the size of their savings Last week, the White House announced that it would apply tariffs of 10% on 200 billion dollars of additional Chinese products [19659002] "Foreign uncertainties are increasing," said statistics bureau spokesman Mao Shengyong. published Monday.
Economists estimate that the trade dispute could reduce China's GDP growth by 0.2 to 0.5 percentage points over the next 12 months.
Already anticipating headwinds, many exporters pushed up orders in the first half to avoid tariffs, suggesting that industrial activity should be less intense in the coming months.
Industrial production, weakened since the beginning of the year, rose 6% in June compared to the same period last year, significantly lower than the 6.8% pace in May . In the June-May comparison, industrial production increased 0.36%.
Non-rural fixed investment, which mainly measures the construction of buildings, factories and other badets of the kind, increased by 6.0% in the first half. Retail sales, however, offset the trend, increasing 9.0% in June from the previous year, compared to 8% in the first five months of the year. , 5% in May. In the May-June period, retail sales increased 0.73%.
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