18
Sunday
August 2019
7:15 AM IST
News Headlines
Deepa Malik joins Bajrang for Khel Ratna, cricketer Jadeja among 19 for Arjuna        Mary Kom recuses herself from Saturday's sports award meeting        Trump says Apple will spend 'vast sums' in US        Coffee Day Enterprises says debt to fall to Rs 1,000 cr post sale of Bengaluru tech park        Modi arrives in Bhutan on two-day visit        Hong Kong protest tensions heat up in Australia        Separatists vacate key offices in Yemen's Aden: Minister        Fire at AIIMS, 22 fire tenders rushed        Soldier killed in Pak firing along LoC in J-K's Rajouri        Jaitley on life support; Nitish, Piyush Goyal and others visit AIIMS        Ravi Shastri reappointed head coach of Indian team till 2021        Archer strikes as Australia slump to 80-4 in second Ashes Test        Hong Kong protests: Trump urges Xi to meet pro-democracy demonstrators        Myanmar, Bangladesh schedule Rohingya repatriation        2 Israelis, Palestinian assailant hurt in West Bank car ramming: army        Sensex, Nifty edge higher on stimulus talks; post weekly loss        Over 3,000 temporary jobs cut due to slowdown: Maruti Suzuki        Airtel shareholders approve waiver in recovery of excess pay to Mittal        Kashmir remains shut for 12th consecutive day        We would like to give little time: SC on plea seeking removal of restrictions on media in J-K        
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Business News
China GDP growth slows to 6.2 pc in second quarter
 
Beijing: China's growth slowed to its weakest pace in almost three decades in the second quarter, with the US-China trade war and weakening global demand weighing on the world's number-two economy, official data showed Monday.

The slowing economy makes it more difficult for President Xi Jinping to fight back forcefully against the US -- which is using tariffs as leverage to try to force Beijing into opening up its economy.

The 6.2 per cent figure released by the National Bureau of Statistics was in line with a survey of analysts by AFP and down from a 6.4 per cent expansion in the first quarter.

The GDP figures are within the government's target range of 6.0-6.5 per cent for the whole year, down from the 6.6 per cent growth China put up in 2018.

"Economic conditions are still severe both at home and abroad, global economic growth is slowing down and the external instabilities and uncertainties are increasing," said NBS spokesman Mao Shengyong.

"The economy is under new downward pressure," he said in prepared remarks.

Beijing has introduced measures this year to boost the economy, but they have not been enough to offset a domestic slowdown and softening overseas demand -- made worse by a punishing trade war with its biggest trading partner country, the US.

Exports to the world rose only 0.1 per cent on-year during the first six months.

Analysts widely expect Beijing will step up support for the economy in coming months.

There were bright spots for the economy in Monday's economic data.

Industrial output rose 6.3 per cent in June, from 5.0 per cent in May, which was the slowest increase since 2002.

Fixed-asset investment also picked up, rising 5.8 per cent on-year in January-June, from 5.6 per cent in January-May.

But growth in infrastructure investment has retreated from years of near 20 per cent expansion -- coming in at 4.1 per cent growth in January-June -- and imports and exports both shrank in June from a year earlier.

Urban unemployment ticked up to 5.1 percent for the month, from 5.0 per cent in May.

China's 1.3 billion consumers have continued to open their wallets however, buoying the economy.

Retail sales grew 9.8 per cent on-year in June, up from 8.6 per cent in May.

Sales of big-ticket items such as cars have not held up, though, with sales down 12.4 per cent in the first half of the year, according to the China Association of Automobile Manufacturers.

The trade war with the US has hit China's economy, compounding a global slowdown.

"The China GDP data was very much in line with consensus confirming the markets view that the economy continues to slow, and while GDP touched 27 years low in Q2, the on consensus print does lessen the market fears that China's economy is headed for a hard landing," said Stephen Innes, managing partner at Vanguard Markets.

"As such risk assets will respond favourably but it's hard to escape the economic realities that the US-China trade war is having on global economies." Altogether the two economic giants have slapped each other with punitive tariffs covering more than 360 billion in two-way trade, damaging manufacturers on both sides of the Pacific.

It helped propel China's manufacturing activity into contraction last month.

China's exports to the US dropped more than 8 per cent over the first half of the year.


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Over 3,000 temporary jobs cut due to slowdown: Maruti Suzuki
Airtel shareholders approve waiver in recovery of excess pay to Mittal
Rupee slips 12 paise to 70.93 vs USD in early trade
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Gold prices up marginally; silver tumbles by Rs 590 per kg
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Fiscal deficit touches Rs 4.32 lakh crore in Q1
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KERALA NEWS
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INTERNATIONAL NEWS
Modi arrives in Bhutan on two-day visit
 Paro: Prime Minister Narendra Modi received a red-carpet welcome as he arrived in Bhutan on Saturday
Hong Kong protest tensions heat up in Australia
Separatists vacate key offices in Yemen's Aden: Minister
Hong Kong protests: Trump urges Xi to meet pro-democracy demonstrators
NATIONAL NEWS
Fire at AIIMS, 22 fire tenders rushed
 New Delhi: A fire broke out at the AIIMS here on Saturday evening and 22 fire tenders were rushed to
Soldier killed in Pak firing along LoC in J-K's Rajouri
Kashmir remains shut for 12th consecutive day
We would like to give little time: SC on plea seeking removal of restrictions on media in J-K
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