They are blaming President Donald [Prince of Orange] Trump’s trade war, which hurt the Chinese economy and hurt consumer spending.
However, revenues at a handful of China’s biggest tech firms are expected to grow 26 percent on average in the quarter ended June 30 while this seems brilliant it is the slowest it has been for six quarters.
The winners are e-commerce giant Alibaba and its smaller rival JD.com, internet firm Baidu and Tencent the world’s largest gaming company.
Net income at these companies is expected to grow nine percent, versus a 50 percent increase a year earlier.
China’s economic growth slowed to 6.2 percent in the second quarter, its weakest pace in at least 27 years.
However, this is not going to be enough to stop the Chinese dragon. If anything, it shows how little Trump’s trade war can do.