Chinese Q3 growth hits nine-year low

22 October, 2018, 07:35 | Author: Dave Hampton
  • Workers at the Chinese port of Qingdao. Chinese exports are likely to face tougher months ahead

But in more positive financial news for China, the nation is still on track to meet an official growth target this year of around 6.5 percent.

Earlier Friday, China's third-quarter gross-domestic-product data just missed forecasts, falling to its lowest rate of growth since 2009.

China's economy grew at its slowest pace for nine years in the third quarter, as a campaign to tackle mounting debt, and trade frictions with the U.S. take their toll.

The NBS said the GDP expanded 6.7 per cent year-on-year in the first three quarters of 2018 to about 65.09 trillion yuan (about Dollars 9.38 trillion).

On Friday, China's banking and insurance regulator said it plans to allow the wealth management subsidiaries of banks to invest product funds directly into stocks, a departure from the crackdown on such products earlier in the year.

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"The government has been aware of the negative impact from deleveraging and has swung towards easing around June, but the positive impact is yet to be felt", he said. "It's been growing rapidly for many decades, slowing down is inevitable".

China is in the midst of an increasingly bitter trade row with the United States with both sides exchanging tariffs on billions of dollars worth of goods, fanning fears about the impact on the global economy.

The global stock market started seeing fluctuations and downward movements after the interest rate increases, and the United States stock market has also seen obvious corrections, Liu, also a member of the Political Bureau of the Communist Party of China Central Committee, told Chinese reporters. However, Trump and China's head of state Xi Jinping at the summit of leading economic Nations (G20) on 30.

The government reported Friday the world's second-largest economy expanded by 6.5 percent over a year earlier in the three months ending in September, down from the previous quarter's 6.7 percent. Growth of investment and retail sales, however, slowed as domestic demand has become sluggish.

Adding to China's equity worries the yuan (USD/CNY) reached its weakest level against the dollar in nearly two years at 9.9424, adding to its 11 percent slide since March.

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Last month, Washington invoked tariffs on an additional $200 billion in Chinese imports. Beijing responded with its own tariff hikes on $110 billion of American imports but is running out of goods for retaliation due to their lopsided trade balance.

To realize the "moderately prosperous society", where all citizens can enjoy comfortable lives, China's economy needs to expand at an average annual rate of around 6.5 percent.

China's premier said this week that the country's economic faces increased downward pressure, but said the government will take targeted measures to stabilize growth. But rising financial risks could constrain China's ability to ease its monetary policy further, Mr. Prasad said.

On a quarterly basis, growth slowed to 1.6 percent from a revised 1.7 percent in the second quarter, Reuters reports, citing figures released by China's National Bureau of Statistics.

Naoto Saito, an economic researcher at Daiwa Institute of Research Ltd., commented, "Expansion of the trade war could hit the Chinese and USA economies, and deceleration of the Chinese economy could become drawn out".

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