BEIJING (Sputnik) – The growth of China’s gross domestic product (GDP) decelerated to 6.3 percent from the year earlier in the first half of 2019, in line with the 6-6.5 percent target span, the National Bureau of Statistics said in a statement on Monday.
“According to preliminary estimates, in the first half of 2019, China’s GDP growth year-on-year amounted to 45,09 trillion yuan [$6.6 trillion], year-on-year growth [stood] at 6.3 percent,” the statement read.
According to the bureau, in the second quarter of 2019, China’s GDP growth decelerated to 6.2 percent from 6.4 percent in the first quarter, marking the slowest pace since 1992.
While these figures fit into Beijing’s GDP growth target span of between 6 and 6.5 percent for 2019, they also show that China’s economy has been under pressure because of the trade war with the United States.
Since last June, when US President Donald Trump announced 25 percent tariffs on $50 billion worth of Chinese imports in a bid to balance the trade deficit, the sides have exchanged several rounds of duties. Last week, Washington raised tariffs on another $200 billion worth of Chinese goods to 25 percent due to the impasse of trade talks. Beijing retaliated by announcing tariff hikes of up to 25 percent on $60 billion worth of US imports starting in June.
Last year, China’s economic growth hit a then-record low of 6.6 percent. Yet, Beijing has retained the status of the world’s second-largest economy.