China is the fastest growing economy in the world, but because of the ongoing trade war tension with the USA, the country is facing some problems. Chinese officials recently released the quarterly economic performance of the country, and those figures show a lousy phase of the Chinese economy. The report shows that China’s economy grew by 6.2 percent between April and June. While this rate of an economy is excellent as compared to many countries in this world but as compared to China’s history, it represents the slowest economic pace country achieved since 1992.
Chinese officials before this quarterly report said in April that they would target to achieve the economic growth of 6-6.5%. However, even if China managed to grow in between their expectations, it’s still one of the slowest economic growth from an expert’s point of view. Trade war tension with the US is increasing, and both countries officials met in May to end this dispute, but nothing came out of that meeting.
Trump, on the other hand, raised tariffs on Chinese goods and services, which is now severely impacting on China’s manufacturing and retailing sector. China has managed to waive off the loans and financial support to its local businesses, which have kept the economy growing at this rate. However, the burden of not selling the majority of retailing products in American market is still mainly affecting many Chinese small businesses. In a press conference Mao Shengyong, a spokesman for China’s National Bureau of Statistics said that economic conditions at home and abroad are quite bad for China and they are trying to improve it. Quarterly reports also show that the Chinese export industry grew at a good pace. But later it started to fall the export sector is also suffering the most because of ongoing trade war.