China's economy grows at slowest pace in nearly 30 years

China's economy grew at the slowest pace in 27 years, as the trade war with the United States takes a toll.

The second-largest economy in the world grew 6.2% in the second quarter of 2019, a drop from 6.4% in the first quarter, according to data released by the Chinese government.

Yhe pace of growth in the second quarter was at its slowest since 1992.

Mao Shengyong, a spokesperson for China's National Bureau of Statistics, told reporters at a news conference that the "external environment" is more complicated than in the past.

Months of trade negotiations between Beijing and Washington have resulted in deadlock.

President Trump and Chinese President Xi Jinping vowed to resume trade talks after meeting at the G-20 summit in Japan in June. In what analysts see as a momentary truce, Trump chose to hold off on a threat to impose new tariffs on about $300 billion worth of additional Chinese imports. US

President Donald Trump tweeted that US trade tariffs were having "a major effect" on the Chinese economy.

China’s 2nd Quarter growth is the slowest it has been in more than 27 years. The United States Tariffs are having a major effect on companies wanting to leave China for non-tariffed countries. Thousands of companies are leaving. This is why China wants to make a deal....

— Donald J. Trump (@realDonaldTrump) July 15, 2019

Still, the slowdown is not unexpected. It falls within a target range set by the government of 6% to 6.5%.

Domestic spending by Chinese consumers kept the economy slowing even further. As concerns grow within China that its formidable economic growth over the past three decades is softening, the Chinese government continues to implement policies to encourage domestic investment and stimulate the economy.