China's economic growth slows to 27-year low

July 15 (UPI) – Economic growth in China has slowed to its lowest level in nearly 30 years, the figures showed Monday.

Figures released by the government show that China's gross domestic product grew by 6.2 percent in the quarter ending in June – the lowest since 1992.

Chinese exports fell 1.3% year-on-year while imports fell 7.3%. Exports to the United States fell 8.1% for the first six months of 2019, while imports fell by 30%.

"The Chinese economy is still in a complex and serious situation," said the National Bureau of Statistics in a statement. "Global growth has slowed and external uncertainties are on the rise."

Analysts attributed the slowdown to the trade dispute between China and the United States, which is in its second year. They said they expect the Chinese economy to continue to experience "downward pressure" in the second half of this year, even after the resumption of talks between Beijing and Washington.

Apple product sales fell 21.5 percent in the Greater China Area, a $ 10.2 billion blow to the technology company.

"The uncertainty caused by the trade war between the United States and China was an important factor," economist Tom Rafferty told CNN. "Businesses remain skeptical about the possibility for both countries to conclude a broader trade deal and recognize that trade tensions could escalate further."

The weak growth of the second quarter "could cause jitter in the rest of Asia if the slowdown raised concerns about trade tensions," said analyst Vishnu Varathan of Mizuho Bank.