China's economic growth slowed by preliminary estimates in the second quarter of this year, hitting the lowest reading in nearly 27 years as domestic and external demand slowed on the back of a trade war with the United States.
The gross domestic product (GDP) grew by 6.2 percent in the three months ended June year-on-year, the slowest pace of growth since the first quarter of 1992, according to data released by China's statistics body on Monday. The second-quarter figures were 0.2 percent lower than those recorded in the first three months of the year.
However, China’s industrial production increased 6.3 percent from a year earlier from a 17-month low of 5.0 percent in May, exceeding expectations of 5.2 percent.
Retail sales also jumped 9.8 percent, the fastest increase since March 2018, surpassing both previous and forecasts of 8.6 percent and 8.5 percent respectively. The gains were boosted by a 17.2 percent rise in auto sales.
Fixed asset investment in the first half of the year increased 5.8 percent from a year earlier coming above forecasts of 5.5 percent surge, while the growth rate in the first five months was 5.6 percent.
The onshore Chinese yuan rose 0.07 percent against its U.S. as dollar at 6.8745, as of 09:33 GMT, while the offshore was 0.06 percent at 6.8748 per dollar.
The Shanghai Composite Index finished 0.4 percent up
at 2,942.19 on expectations the Chinese government would stimulate the economy
to defend its 6 percent growth target.