China's GDP growth slows to lowest rate in years

A worker walks by a container ship docked at a port in Qingdao in east China's Shandong province

China's economic growth has slowed down to 6.5 percent in the third quarter - the slowest quaterly growth since 2009 - as a campaign to tackle mounting debt, and trade frictions with the U.S. take their toll.

Analysts polled by Reuters had expected gross domestic product (GDP) to expand 6.6 percent in the July-September quarter, slowing only marginally from 6.7 percent growth in the previous quarter.

Chinese authorities are trying to navigate through numerous challenges, as the trade war fears have sparked a blistering sell-off in domestic stock markets and a steep decline in the value of the yuan versus the U.S. dollar, heightening worries about the growth outlook.

In the first three quarters of the year, GDP growth stood at 6.7 per cent, ensuring Beijing will achieve growth target of "around 6.5 per cent" for this year.

Third-quarter expansion of fixed-asset investment, a traditional engine of growth, fell to 5.4 per cent in the January-September period, up slightly from 5.3 per cent in the January-August period, data showed.

On a quarterly basis, growth slowed down to 1.6 per cent from a revised 1.7 per cent in the second quarter, in line with expectations of 1.6 per cent growth.

On Monday, China said its total exports grew faster than expected in September- 14.5 per cent year on year in dollar terms, up from 9.8 per cent in August - as many United States companies front-loaded their orders for the rest of the year to minimise additional tariff costs.

"Looking ahead, the economic outlook is not optimistic with exports facing further headwinds as U.S. tariffs kick in and demand from emerging countries ebbs".

The United States and China imposed new tit-for-tat tariffs against each other's goods in late September, the latest escalation in a heated trade war between them. It inched up to 5.4 percent in January-September from a record-low 5.3 percent in the first eight months as Beijing reined in spending on bridges, railways, and highways this year.

Retail sales in China have remained at relatively the same rates since a year ago, NBS said.

"We expect fiscal and monetary policies to become more growth-supportive, providing a lift to headline GDP growth".

The slowdown is likely associated with the crackdown on riskier lending and debt and the ongoing trade war with the US.

Related News:

Most liked

Free iPhone XR from Sprint with eligible trade
However, Digitimes reports that Taiwan companies contributing parts to Apple are being a bit more conservative on their fortunes. Interested buyers can head over to Flipkart, or Paytm Mall to pre-book the iPhone XR online on Friday.

Doctors: You can not get the flu from the flu shot
What is a common misconception about the flu vaccine? That means there is a window for people to get sick with the flu. The flu season which peaked in around the start of February of this year took approximately 80,000 lives.

Ant McPartlin and Lisa Armstrong granted divorce in 30 seconds
ANT MCPARTLIN and his estranged wife Lisa Armstrong have been granted a divorce after the TV presenter admitted to adultery. Despite stepping out of the spotlight, McPartlin is still in contention for an award at the National Television Awards.

Trump Threatens Military Response to Asylum Seekers
Foreign Minister Luis Videgaray plans to make the formal request during a meeting Thursday with U.N. He also slammed the leaders of Honduras, El Salvador and Guatemala for failing to intervene.

Liverpool hit hard by 'FIFA virus' with key injuries during October internationals
Mohamed Salah is believed to be pushing to start the game after concerns were also raised over his fitness. Liverpool released a statement yesterday announcing Mane had undergone surgery on a hand.

MLB Investigating Astros Employee For Videotaping Red Sox's Dugout
Boston's ace, Chris Sale , will miss his scheduled start in Game 5 due to an illness, forcing David Price to take his place. According to Metro Boston, a man was removed from media area next to the Boston Red Sox dugout during Game 1 of the ALCS.

United Nations vote raises Palestinians' status
Opposing Tuesday's vote were just three countries: Israel, Australia and the United States. Australia was the only other country to vote against the resolution.

Theresa May says 'maybe' to transition period extension — European Union summit
It is created to ensure that whatever happens in talks on future trade there is no need to impose checks at the border. The Taoiseach said he and Mrs May were "in broad agreement" on the idea that the backstop could not be time-limited.

Broncos face the Cardinals in the Arizona desert
Even if the Broncos need to put eight guys in the box at times to let Arizona know that it's not going to run on them, so be it. Arizona's only score came on a 61-yard drive in the first quarter that ended on a 43-yard Phil Dawson field goal.

Sri Lanka Denies Reports Sirisena Said RAW Plotted Assassination
What President Sirisena said was he had discussed the issue with Prime Minister Modi during the BIMSTEC summit in Nepal. Modi and Wickremesinghe are scheduled to hold a bilateral meeting here on Saturday.

Explosion Scares The Royal Crap Out Of Meghan Markle
The royal couple were touring Dubbo, in New South Wales, where they visited Buninyong Public School where they met little Luke. The royal couple is on their first overseas tour of the British commonwealth.

Seven Games In Four Weeks - Mauricio Pochettino Stresses Spurs Squad Fitness View
Spurs were without six players against Cardiff earlier this month, while Rose limped off with a groin problem. Jan Vertonghen is a little bit longer.

Israeli Supreme Court allows USA 'boycott' student to stay
The interior ministry's decision to bar her from entry, the court ruled, "was not within the bounds of reason and is revoked". The group is a branch of the BDS movement, named for its support of boycotts, divestment and sanctions against Israel.

Lex Luthor to Appear on Supergirl Season Four
They continued, "We've talked about having Lex on the show since it's inception and we're excited to have him finally arrive". Supergirl is getting another supervillain, and he's a big one.

New Clip Available for Halloween Featuring Michael Myers
Halloween is being directed by David Gordon Green from a script by Green and Danny McBride . Well, wonder no more, as YouTube user Kyle J.