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PRC economic growth sinks to new low of 6% in 3rd quarter

21
Oct '19
Pic: Shutterstock
Pic: Shutterstock
China's economy grew at the slowest rate in 27 years in the third quarter, according to the latest official data, as its trade conflict with the US United States continues, slowing domestic demand. Gross domestic product (GDP) data showed the Chinese economy expanded by 6 per cent in July-September, compared to 6.2 per cent in the second quarter.

China's economy grew at 6.6 per cent in 2018.

It is the worst quarterly figure since 1992, despite being within the country’s target range of 6.0-6.5 per cent for the entire year, according to global newswires.

Unveiling the data, Mao Shengyong, spokesman for the National Bureau of Statistics, said the country was “faced with mounting risks and challenges both at home and abroad". However, he said the "national economy maintained overall stability... and improved living standard".

A fall in China's exports accelerated in September while imports contracted for a fifth straight month.

With weaker demand at home and abroad and hopes of limited aggressive stimulus, the not-so-optimistic outlook is unlikely to change any time soon despite tensions in the US-China trade war having eased somewhat.

The drags on demand have hit several key parts of the economy with weakness seen in freight shipments, factory power generation, employment and entertainment spending. In September, auto sales posted their 15th straight month of decline while factory gate prices fell at their fastest pace in three years.

The economy has been slow to respond to confidence building measures by the government.

Fibre2Fashion News Desk (DS)


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