China's economic growth slowed to 6.2 % in the second quarter of this year, weakest in nearly three decades.
About:
China's economic growth slowed to a record low of 6.2 % in the second quarter of this year. Government data showed that Gross Domestic Product (GDP) growth slid from 6.4 % in the first quarter to 6.2 %.
This is the weakest growth rate in the last 27 years for the world's second-largest economy.
The growth, however, was in line with the government's annual target range of 6.0-6.5 % for the whole year, down from the 6.6 % growth China put up in 2018.
Reason: This was the result of a trade war with the United States and weakening global demand.
Way ahead:
China will make timely use of cuts in banks' reserve requirement ratios (RRR) and other financing tools to support smaller firms, while repeating a vow not to use “flood-like” stimulus.
China has relied largely on fiscal stimulus to underpin growth this year, announcing massive tax cuts worth nearly 2 trillion yuan ($291 billion) and a quota of 2.15 trillion yuan for special bond issuance by local governments aimed at boosting infrastructure construction.
Dear Student,
You have still not entered your mailing address. Please enter the address where all the study materials will be sent to you. (If applicable).
