The Chinese financial news service Caixin on October 18 reported that China’s economy grew by 6% YOY in the third quarter, hitting the bottom of the government’s 2019 target range and the weakest pace in almost three decades, reflecting sluggish domestic and global demand exacerbated by the ongoing trade war with the U.S. It said for the first nine months, GDP rose 6.2% YOY, within this year’s target range of 6% to 6.5% announced by Premier Li Keqiang in March. However, real GDP growth decelerated to 6% y/y – down from 6.2% in Q2 and the slowest growth in 30 years. An official at the National Bureau of Statistics, however, gave an upbeat assessment of the outlook for the rest of the year, citing positive signs in September. Nonetheless, many analysts expect GDP growth to ease further in the fourth quarter, given the headwinds facing the economy including slowing global expansion, persistent U.S.-China trade tensions, a sluggish property market amid continued government controls, and the challenges of boosting investment.
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