Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

A textile factory worker in China's central Henan province. Photo: STR/AFP/Getty Images

China’s economy expanded at the slowest rate in nearly 30 years in the 2nd quarter, thanks to heightened U.S.-China trade tensions and weakening trade demand from other fragile economies.

By the numbers: The figures released by the Chinese government show the GDP came in at 6.2% — a deceleration from the previous quarter’s 6.4% annualized rate and the weakest pace of growth since the government started releasing quarterly data in 1992, per Reuters.

Why it matters: It's an indication that the prolonged trade war with the U.S. may be hurting, per Tom Rafferty, principal economist for China at The Economist Intelligence Unit. "Businesses remain skeptical that the two countries will reach a broader trade agreement and recognise that trade tensions may escalate again," he said in a note, according to CNBC.

Between the lines: China announced massive tax cuts and infrastructure investment — worth about $290 billion — this year in an attempt to shore up the slumping economy. The government has also encouraged banks to up lending to the private sector.

  • Yes, but: While the economy responded to fiscal stimulus with an initial jolt, trade pressures have dragged down growth. And there's broad skepticism among economists about the accuracy of China's GDP figures, so the numbers may be "understating the extent of the [economic] slowdown," as the New York Times points out.
  • There are "expectations that Beijing needs to announce more measures to boost consumption and investment and restore business confidence," Reuters reports.

Go deeper: The U.S.-China trade war could spark an Asian labor shortage

Go deeper

The new Washington

Illustration: Sarah Grillo/Axios

The Axios subject-matter experts brief you on the incoming administration's plans and team.

Rep. Lou Correa tests positive for COVID-19

Lou Correa. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Lou Correa (D-Calif.) announced on Saturday that he has tested positive for the coronavirus.

Why it matters: Correa is the latest Democratic lawmaker to share his positive test results after last week's deadly Capitol riot. Correa did not shelter in the designated safe zone with his congressional colleagues during the siege, per a spokesperson, instead staying outside to help Capitol Police.

Far-right figure "Baked Alaska" arrested for involvement in Capitol siege

Photo: Shay Horse/NurPhoto via Getty Images

The FBI arrested far-right media figure Tim Gionet, known as "Baked Alaska," on Saturday for his involvement in last week's Capitol riot, according to a statement of facts filed in the U.S. District Court in the District of Columbia.

The state of play: Gionet was arrested in Houston on charges related to disorderly or disruptive conduct on the Capitol grounds or in any of the Capitol buildings with the intent to impede, disrupt, or disturb the orderly conduct of a session, per AP.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!