Growth of Chinese economy slowed in april

The growth of the Chinese economy in April did not meet analysts' expectations. Retail sales growth and production growth in the country were lower than previously expected, according to Reuters and AP News. A major reason cited was the increase in import duties between the US and China since the beginning of April.

Retail sales growth amounted to 5.1 percent, according to figures from the National Bureau of Statistics. Consumer sentiment in China has been low for some time, partly due to the deteriorating housing market.

China's industrial production rose by 6.1 percent compared to the previous year. In March, growth was still at 7.7 percent.

China and the US called a temporary 90-day truce in the trade war in May. This truce also includes a reduction in import duties. As a result, import duties on Chinese imports to the US are now at 30 percent and vice versa at 10 percent.