China, NVIDIA
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How, then, to explain the resilience of China’s exports in the turmoil of the global trade war? Some companies have been “front-loading”, or shipping extra goods to America, on fears that the truce will not hold and levies will increase further later.
Official figures showed modest growth in the second quarter as exports shifted to other countries and Beijing invested in manufacturing and infrastructure.
Analysts warn that weak demand at home and rising global trade risks will ramp up pressure on Beijing to roll out more stimulus.
The rate, which slightly exceeded the 5.1 per cent average estimate from analysts polled by Reuters, positions Beijing to hit its full-year target of about 5 per cent. It shows how China has been able to keep growth on track through exports and investment even as it struggles with weak demand at home.
The new restrictions will limit exports of technologies crucial for producing EV batteries and processing their raw materials.
China's economy is likely to have cooled in the second quarter after a solid start to the year, as trade tensions and a prolonged property downturn drag on demand, raising pressure on policymakers to roll out additional stimulus to underpin growth.
China's economy slowed slightly in the last quarter as President Donald Trump’s trade war escalated, but it still expanded at a robust 5.2% pace, the government said Tuesday. That compares with 5.4% annual growth in January-March.
The Chinese economy cooled in the second quarter, but growth was in line with expectations despite pressure from U.S. tariffs.
Chinese state firm employee Zhang Jinming makes up for a 24% cut to his salary by delivering food for three hours every night after work and on weekends - and hopes he can avoid awkward encounters with colleagues.