Hitting the brakes: China's economy slows to 27-year-low

China's Economic Growth Cools Further

China’s growth slides to weakest pace in almost three decades

The above said, the longer-term outlook remains one that is uncertain as global growth is expected to slow down, thus dragging on demand while the resumption of the US-China trade continues to confound the markets in terms of a timeline.

China's 1.3 billion consumers have continued to buoy the economy with retail sales up 9.8% on-year in June, up from 8.6% in May.

BEIJING, July 15 (Reuters) - Growth in China's new home prices cooled in June as sales shrank for a second month, but building starts and investment quickened, providing a cushion for the slowing economy while Beijing claims some wins in reducing market froth.

The gross domestic product (GDP) figure, which was in line with the forecasts of analysts polled by Reuters, marks the slowest pace since the first quarter of 1992, the earliest quarterly data on record.

China's June industrial output climbed 6.3per cent from a year earlier, beating a 5.2per cent forecast, while January-June fixed-asset investment rose 5.8per cent from the same period last year, surpassing a 5.5per cent increase forecast by analysts.

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Fixed-asset investment for the first half of the year rose 5.8% from a year earlier, compared with a 5.5% increase forecast by analysts and 5.6% in the first five months of the year.

"We estimate that e-commerce contributes to about 10 percent of China's GDP growth as online sales account for 20 percent of total retail, and consumption contributes to 60 percent of GDP growth", Dan Wang, an analyst at The Economist Intelligence Unit (EIU), told Al Jazeera.

But the trade war with the USA is likely to continue to cast a shadow on factory output and overall growth for the rest of this year, analysts say.

The slowing economy makes it more hard for President Xi Jinping to fight back forcefully against the United States - which is using tariffs as leverage to try to force Beijing into opening up its economy.

China's value-added industrial output is used to measure the output of large companies each with annual main business revenue of more than 20 million yuan (about Dollars 2.9 million), according to state-run Xinhua news agency.

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Value-added industrial output, which measures production at factories, mines and utilities, rose 6.3% (link in Chinese) year-on-year in June, up from 5% growth in the previous month.

Sales of big-ticket items such as cars have not held up, though, with sales down 12.4 per cent in the first half of the year, according to the China Association of Automobile Manufacturers. Infrastructure expanded 4.1%, with railways continuing to grow in the double digits.

"The monthly data were better than expected".

There were bright spots for the economy in Monday's economic data. "(But) we are sceptical of this apparent recovery given broader evidence of weakness in factory activity", said Julian Evans-Pritchard, senior China economist at Capital Economics.

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