China GDP growth slows to 6.2% in second quarter

Workers are seen at a production line manufacturing tires at a factory in Nantong Jiangsu province China

According to Chinese government reports, the country's gross domestic product grew at 6.2 percent in the quarter ended June - the slowest quarterly growth rate since 1992 and down from 6.4 percent in the previous quarter.

Industrial output climbed 6.3 percent from a year earlier, data from the National Bureau of Statistics showed, picking up from May's 17-year low and surpassing a forecast for 5.2 percent growth.

Analysts expect Beijing to unveil more stimulus measures to stabilize growth, including boosting infrastructure spending and possible interest rate cuts by the country's central bank, the People's Bank of China.

Worries about world growth, low inflation and ongoing Sino-U.S. trade tensions have meant investors are piling money onto bonds and money market funds, Jefferies said, citing its global asset fund flows tracker.

The industrial production rose by an annualized rate of 6.3%, which was higher than the expected 5.2%.

Despite the trade dispute, Chinese net exports accounted for a striking 20.7 per cent of the first-half GDP growth, as exporters had rushed to sell ahead of higher United States tariffs and imports had weakened more sharply amid sagging domestic demand.

Chinese shares were down before Monday's data release, after which they pared losses and then produced gains for the day.

High-level trade talks to resolve the issues resumed this month, but the gulf between the two sides remains wide.

Trump and Chinese President Xi Jinping last month agreed to another truce in the year-long trade dispute between the world's two largest economies.

Hopes for an early growth rebound faded after President Donald Trump raised tariffs on Chinese imports in May to turn up pressure on Beijing over the aggressive tactics it's using to challenge American technological dominance.

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But the growth rate was 0.5 percentage points lower than that recorded in the first quarter of the year, it said.

Trump on Monday posted on Twitter: "China's 2nd Quarter growth is the slowest it has been in more than 27 years. (But) we are sceptical of this apparent recovery given broader evidence of weakness in factory activity", said Julian Evans-Pritchard, senior China economist at Capital Economics.

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

Manufacturers worldwide are also sitting on unsold stockpiles of goods, and growth will likely slow as they pare their inventories, Johnson said.

The impact from the US-China trade war affected growth during 1Q19.

Eventually, weaker stock prices could undermine USA consumer confidence and the American economy, she said.

"Economic conditions are still severe both at home and overseas, global economic growth is slowing down and the external instabilities and uncertainties are increasing", said NBS spokesman Mao Shengyong. I also think we are in a wait-and-see mode if the United States and China will get back together again.

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

"We are receiving billions of dollars in tariffs from China, with possibly much more to come".

Wall Street opened little changed to weaker after its record-breaking run, with the market still counting on the USA central bank to cut interest rates sooner rather than later despite recent strong jobs data.

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