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00:00:00
China says its economy is growing at the slowest pace since records began Beijing announced its growth fell to six point two percent between April and June for most of the world that's a great number but for China it's another sign of a slowdown trading partners in the markets have been closely watching the world's second largest economy on a trade war with the U. S. is spot concerns of a global recession but Monday's headline isn't necessarily the full story says which is breaking views of Christopher better now the headlines gonna be slow growth and at least twenty seven years which is absolutely correct %HESITATION but at same time if you kind of peel back the data you look at some of the sub indicators %HESITATION it actually wasn't quite as bad as many people if you had a lot of the data came in actually better than expected so %HESITATION was a pretty good results on things like investment things like industrial output retail sales so even though obviously did the economy is clearly cooling I don't think it's fair to say that it's crater in Beijing's already taken some action this year it's hard massive tax cuts and try to boost infrastructure but the economy has been slow to respond a politburo meeting expected later this month could signal what Beijing plans to do next the drug of the trade war could function in even after the two countries leaders met to the G. twenty S. still at odds over significant issues needed for a deal %HESITATION there's still with threats of more US tariffs on another three hundred billion dollars worth of Chinese goods to put that in perspective %HESITATION you add it all together Chinese retaliation and so forth probably be worse than pretty much all the previous escalations that we've seen in the trade conflict put together so I think that officials probably at some level will want to keep the powder dry because they will almost certainly have responded that was stimulus as to whether this actually moves the dial on that the trade conflict it's difficult to tell because even though you know we could parse the data and we can say well it's , it's not it's not really that bad just the headline of slows growth in at least twenty seven years %HESITATION you know maybe at a certain level negotiators on both sides he died and that factors into their calculus of who has the upper hand in these negotiations