China's growth slides to weakest pace in almost 30 years

China's growth slides to weakest pace in almost 30 years

But the economy has been slow to respond, and business confidence remains shaky, weighing on investment.

But June activity data on Monday showed industrial production, retail sales and fixed-asset investment all beat analysts' forecasts, suggesting that Beijing's earlier growth-boosting efforts may be starting to have an effect.

China's new home prices grew 0.6% month-on-month in June, slowing from a 0.7% uptick in May, Reuters calculated from official National Bureau of Statistics (NBS) data on Monday.

The Shanghai Composite index gained 0.8% to 2,952.85 while Hong Kong's Hang Seng index gained 0.2% to 28,532.85. But it was more of a mixed picture across the region with Australian and Korean shares down.

Trading was expected to be light as Japan was shut for a public holiday.

China's economic growth slowed to its lowest level in a decade last quarter amid a tariff war with Washington, adding to pressure on Beijing to reverse a deepening slump.

Chinese leaders have stepped up spending and bank lending to keep growth within this year's official target range of 6% to 6.5% and avert politically risky job losses.

Altogether the two economic giants have slapped each other with punitive tariffs covering more than $360 billion in two-way trade, damaging manufacturers on both sides of the Pacific. But economists warn their truce is fragile because they still face the same array of disputes that caused talks to break down in May.

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The reading highlights the negative impact the USA tariffs stand-off is having on China as leaders also try to recalibrate the growth model from exports and state investment to one driven by consumer spending.

"To stabilize growth, the People's Bank of China (PBoC) will maintain an accommodative bias for the rest of the year, in our view".

The drops came despite a record-breaking close for all three main indexes in NY on Friday.

The Dow Jones Industrial Average gained 0.9% to 27,332.03.

To fend off risks in economically more vulnerable small cities, Beijing also slashed its shantytown redevelopment target for 2019, which was responsible for significant frontloading of property demand in tier-3 and tier-4 cities in 2018. All were record highs.

Federal Reserve Chair Jerome Powell indicated again on Thursday that an interest-rate cut from the US central bank is likely at its next meeting later this month as businesses scale back investments due to trade disputes and a global growth slowdown.

A steady string of weak economic data in recent months and the sudden escalation in the U.S.

Expectations that the Fed will keep rates supportive have sent bonds rallying with ten-year U.S. Treasuries below the current Fed rate range of 2.25%-2.50%.

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