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Beijing, October 18
China’s economy expanded at its slowest rate in nearly three decades in the third quarter, hit by cooling domestic demand and a protracted US trade war, official data showed on Friday.
The Chinese economy grew 6.0 percent in July-September, compared with 6.2 percent in the second quarter, according to the National Bureau of Statistics (NBS).
The reading--in line with an AFP survey of 13 analysts--is the worst quarterly figure since 1992 but within the government’s target range of 6.0-6.5 per cent for the whole year. The economy grew at 6.6 per cent in 2018.
“The national economy maintained overall stability in the first three quarters,” said NBS spokesman Mao Shengyong.
“However, we must be aware that given the complicated and severe economic conditions both at home and abroad, the slowing global economic growth, and increasing external instabilities and uncertainties, the economy is under mounting downward pressure.”
Services and high-tech manufacturing were the key areas of growth, while employment was “generally stable”, he added.
Beijing has stepped up support for the economy with major tax and rate cuts and has scrapped foreign investment restrictions in its stock market. AFP
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