Economic growth in China has slowed to its lowest level in nearly 30 years, figures showed Monday.
The government figures showed China’s gross domestic product grew at 6.2 percent for the quarter that ended in June — the slowest since 1992.
Chinese exports fell 1.3 percent year-to-year while imports dropped 7.3 percent. Exports to the United States fell 8.1 percent for the first six months of 2019, while imports plunged 30 percent.
“The Chinese economy is still in a complex and grave situation,” the National Bureau of Statistics said in a statement. “Global growth slowed and external uncertainties are on the rise.”
Analysts attributed the slowdown to the trade conflict between China and the United States, which is in its second year. They said they expect the Chinese economy to continue to see “downward pressure” in the second half of this year, even after the resumption of talks between Beijing and Washington.
Sales of Apple products fell 21.5 percent in the greater China region, a $10.2 billion hit for the technology company.
“Uncertainty caused by the U.S.-China trade war was an important factor,” economist Tom Rafferty told CNN. “Businesses remain skeptical that the two countries will reach a broader trade agreement and recognize that trade tensions may escalate again.”
Weak second-quarter growth “may cause wobbles in the rest of Asia if the slowdown ignites worries of trade tensions,” analyst Vishnu Varathan of Mizuho Bank told CNBC.