Unfortunately, credit growth stalled out in the second quarter, and we believe it will remain so, signaling flat economic growth for the rest of this year. Meanwhile, the trade war impact is still looming, with the average U.S. tariff rate on China set to surge to 17.5% pending the September implementation of the recently ordered tariffs on all of the remaining untargeted imports, sending China's currency into steep depreciation so far in August.
The following article is a summary of the full report, “China's Economy in the Doldrums as Trade War Impact Looms--China Diagnostics: Second-Quarter 2019” which is available to Morningstar Direct clients here. Direct clients can also explore our April report, “Are China and the U.S. Headed for a New Cold War?” available here.
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