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            november 18, 2019

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China's Q3 economy slumps to slowest rate in 27 years


China's third-quarter gross domestic product (GDP) figures released yesterday showed that the mainland's economy grew at the slowest rate in 27 years due to credit tightening and as the country grapples with a protracted trade war with the US.
The GDP figures showed that the economy expanded 6.0 per cent in July-September, compared with 6.2 per cent in the second quarter.
It marks the worst quarterly figure since 1992, although still within Beijing's target range of 6.0-6.5 per cent for the whole year.
In announcing the figures, spokesman for the National Bureau of Statistics, Mao Shengyong, 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".
China's growth is likely to continue to slow in the next two quarters, according to the chief economist at TS Lombard, Bo Zhuang.
He told CNBC that he expects China's growth to slow to 5.8 per cent in the fourth-quarter of the year, with the country's full-year growth target to be 6.1 per cent.
The economy grew at 6.6 per cent in 2018.

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