Skip to content

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

China’s economic growth to maintain at 6-6.5%: Finance minister

The minister said that the act of protectionism could meanwhile harm global growth, and will continue to promote the importance of having organizations, such as the World Trade Organization, to tackle that.

China Source: Bloomberg

China’s finance minister Liu Kun said at a conference on Wednesday the Chinese government has the confidence that its annual economic growth can remain within the 6-6.5% range.

The minister who was speaking at an Italy-China financial dialogue in Milan, Italy, said that the act of protectionism - which is the shielding of a country’s domestic industries from foreign competition by taxing imports - could meanwhile harm global growth.

To deal with protectionism, Beijing will continue to promote the importance of having organizations that bring countries together in openness and inclusiveness, such as the World Trade Organization and the Group of 20 summit, Mr Liu said.

The minister however, left out mentioning the trade negotiations between the United States (US) and China.

Early this month, markets in Asia rallied following a ceasefire on the tariff war between the two countries. China president Xi Jinping and US president Donald Trump agreed on resuming the trade talks at the G20 summit after a seven-week stalemate.

Both sides avoided the escalation of their multi-billion tariff war, a long drawn dispute which had roiled global markets and placed both of the world’s two largest economies at risk.

Mr Trump said he will put on hold his earlier threat to slap on 25% of tariffs on US$300 billion in Chinese imports. The president also agreed to lift some restrictions on Chinese technology firm Huawei, the firm that has been caught in the rift-raff between the two nations.

Mr Trump also claimed that China, in exchange, has agreed to buy a ‘tremendous amount’ of American food and agricultural products.

Washington has already imposed 25% of tariffs on US$250 billion of Chinese goods and China has retaliated with tariff hikes on US$60 billion of US goods.

Since January this year, China had already lowered the expectations for its annual growth forecast from last year’s rough target of 6.5%, to a range between 6.0% and 6.5%. A big part of the tapered expectations had been attributed to the US-China trade war.

For the first quarter of this year, China’s gross domestic product (GDP) came in at 6.4% year-on-year, which were above expectations and steady from the earlier quarter.

China’s second quarter GDP results, which is due soon, is predicted to come in at 6.2%, a recent Nikkei survey showed.

This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

Explore the markets with our free course

Discover the range of markets you can spread bet on - and learn how they work - with IG Academy's online course.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Monday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.