China experiences lowest growth in 27 years

6.2% growth rate recorded for second quarter of 2019

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A worker in a Nanjing, China warehouse (by Associated Press)

TAIPEI (Taiwan News) -- The latest numbers from the National Bureau of Statistics of China (中國國家統計局) show a slowdown in GDP growth, marking the country’s lowest rate of growth since 1992.

This year’s second-quarter growth rate of 6.2 percent, down from 6.4 percent in the first quarter, is the lowest China has seen in the last 27 years, reports the Guardian. The last time the growth rate was this low was first quarter of 1992.

The drop comes amid the continuing trade war between China and the U.S., as well as a decrease in domestic demand. However, the number is in keeping with Beijing’s goal of 6 to 6.5 percent growth this year.

Government Spokesperson Mao Shengyong (毛盛勇) indicated that the economy is facing new downward pressure and that domestic and international economic conditions are harsh. Mao pointed out that there is an international economic slowdown with increasing external instabilities and uncertainties.

China’s growth rate has been trending downwards since 2010, when it hit 12 percent.