China economy
People take a selfie in front of a billboard featuring China's late paramount leader Deng Xiaoping (not seen) on the eve of the 40th anniversary of the country's "reform and opening up" policy in Shenzhen on December 17, 2018.
Nicolas ASFOURI / AFP
China's GDP growth slows to 6% in 3rd quarter
(Agence France-Presse) - October 18, 2019 - 10:09am

BEIJING, China (Update 2, 10:18 a.m.) — China's economy grew at the slowest rate in 27 years in the third quarter, official figures showed Friday, as the country grapples with a protracted trade war with the US and slowing domestic demand.

Gross domestic product (GDP) figures showed that the Chinese economy expanded 6.0 percent in July-September, compared with 6.2 percent in the second quarter.

The figure is the same as predicted by an AFP poll of economists earlier this week.

It marks the worst quarterly figure since 1992, although still within Beijing's target range of 6.0-6.5 percent for the whole year.

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".

China has been embroiled in a long-running trade war with the United States amid cooling domestic demand and a swine fever outbreak in the country's pig herd that has sent meat prices soaring.

To give its economy a shot in the arm, Beijing has pushed forward a raft of stimulus measures this year, including higher tax reimbursement rates for exporters dealing with US tariffs, boosting bank lending and increased spending on major infrastructure projects including roads and railways.

The economy grew at 6.6 percent in 2018.

CHINA ECONOMY
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