China's economic growth down to 6.7% in second quarter
China's economic growth slowed slightly in the second-quarter as the world's number two economy faced a snowballing trade fight with the US. The economy expanded by 6.7% in April-June, down from 6.8% in Q1. Despite the quarterly deceleration, growth was still higher than the government's annual target of around 6.5%. China faced an "extremely complex environment both at home and abroad", an official said.
US, China slapped tariffs on each other's goods
The impact of the deepening trade conflict with the US was yet to fully kick in, said analysts, adding that Beijing's battle to rein in pollution and spiraling debt levels had crimped growth. Both Washington and Beijing slapped tariffs on $34 billion of each other's goods earlier this month, with the US threatening to impose further tariffs on another $200 billion in Chinese goods.
China faces multi-front battle to defend its economy
Beijing has vowed to retaliate but hasn't yet said what measures it will take. China's government is facing a multi-front battle to defend its economy, fighting to reduce the debt mountain while the Yuan and local stock markets tumble in the face of US trade-conflict.
