The National Bureau of Statistics noted that manufacturing experienced a robust expansion of 6.4%, with heightened demand for advanced technologies, including electric vehicles and 3D printing machines. However, retail sales showed signs of weakening, dropping to a growth rate of 4.8% in June, down from 6.4% in May. The real estate sector witnessed its sharpest price decline in eight months, indicating ongoing struggles despite government interventions aimed at stabilizing property prices.
Economists have expressed concerns over China's ability to meet its annual growth target of around 5%, with some suggesting a possible dip to a minimum growth rate of 4%. The ongoing trade war initiated by former US President Donald Trump has significantly affected import tariffs. The US imposed a steep 145% levy on numerous Chinese imports, which prompted Beijing to retaliate with hefty tariffs on US goods. Negotiations in Geneva and London have resulted in a temporary pause in these tariffs, with both nations expected to finalize a long-term trade agreement by mid-August.
Economists have expressed concerns over China's ability to meet its annual growth target of around 5%, with some suggesting a possible dip to a minimum growth rate of 4%. The ongoing trade war initiated by former US President Donald Trump has significantly affected import tariffs. The US imposed a steep 145% levy on numerous Chinese imports, which prompted Beijing to retaliate with hefty tariffs on US goods. Negotiations in Geneva and London have resulted in a temporary pause in these tariffs, with both nations expected to finalize a long-term trade agreement by mid-August.
