BEIJING, China – China’s economy expanded at its slowest rate in nearly three decades during the third quarter as it was hit by the long-running United States trade war and cooling domestic demand, data showed Friday, with an official warning of “mounting downward pressure”.
With China a key driver of global growth, the soft reading added to concerns about the world economy and prompted speculation that authorities will unveil fresh stimulus following a series of other measures in recent months.
Gross domestic product expanded 6.0 percent in July-September, from 6.2 percent in the second quarter, according to the National Bureau of Statistics (NBS).
The reading – in line with an Agence France-Presse survey of 13 analysts – is the worst quarterly figure since 1992 but within the government’s target range of 6.0-6.5 percent for the whole year. The economy grew 6.6 percent in 2018.
While NBS spokesman Mao Shengyong said the economy was showing stability, he warned: “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. (Agence France-Presse)