Tariff war effect: China's second-quarter growth slumps to 27 year low

The Chinese economy grew at the slowest pace in 27 years in the second quarter of 2019 as the country logged a growth of 6.2 per cent, the National Bureau of Statistics said on Monday. The damaging trade with the US could have been one of the reasons proving to be a drag on the world`s second-largest economy. China`s GDP rose 6.2 per cent in the April-June which was below 6.4 per cent in the first quarter, the Bureau said.

Beijing is locked in a protracted trade spat with Washington which has taken a toll on its economic health. Even though Beijing`s officials are busy hammering out a trade deal with their US counterparts, it is known how long it will take clinch the deal.

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The Bureau said the economy is faced with a complex situation amid the rising external uncertainties. It also added that there was new downward pressure on the economy.