China’s Economic Growth Slumps to Lowest Rate in 27 Years

China’s economic growth has slumped to its lowest rate since 1992, suggesting that trade tensions with the U.S. are hitting the country where it hurts. The Chinese economy grew by 6.2 percent in the second quarter, down from 6.4 percent in the first quarter, and slower than the 6.3 percent year-on-year rate forecast by economic experts, The Wall Street Journal reports. China has tried to stimulate its economy by spending more and cutting taxes, but the measures appear to be falling short as the U.S. trade war continues. China’s national statistics bureau said the figures were due to a “complex environment” in both domestic and global finance markets. By comparison, the U.S. economy grew at a rate of 3.1 percent in the first quarter of 2019.