All the day’s economic and financial news, including new growth figures from China and the IMF’s latest World Economic Outlook
- Chinese growth slows to 6.7% in Q2 2018
- Industrial production growth slowed, but retail picked up
- Beijing warns of ‘increased uncertainties’
- Coming up: IMF growth forecasts at 3pm BST
Newsflash: China has filed a complaint with the World Trade Organisation over America’s latest threat to impose levies on Chinese imports.
According to Associated Press, Beijing is protesting about the plan to hit $200bn of Chinese goods with a new 10% tariff (probably starting in September).
BREAKING: China says it has filed a WTO challenge to Washington’s threat to raise tariffs on $200 billion of Chinese goods.
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Tom Rafferty of the Economist Intelligence Unit believes China’s economy has held up well despite the trade spat with the US.
However, he also expects growth to slow in the next few months.
“The data shows that global trade headwinds have yet to grip China’s economy. Despite the heated global rhetoric around trade and associated financial market volatility, China’s export sector performed well in the second quarter of the year and will probably prove quite resilient under the limited tariff actions we anticipate from the US and China.
We are more concerned about slowing domestic demand within China’s economy, with investment persistently weak and consumption also having slowed, and these are much more important drivers of growth than exports.