China’s growth continues to slow.
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China’s third quarter economic growth slowed to its weakest pace since the global financial crisis.
It missed expectations at 6.5 percent as a years-long campaign to tackle debt risks and the trade war with the United States began to take hold.
Analysts polled by Reuters had expected the economy to expand 6.6 percent in the July-September quarter.
The GDP reading was the weakest year-on-year quarterly growth since the first quarter of 2009 at the height of the global financial crisis.
On a quarterly basis, growth slowed down to 1.6 percent from a revised 1.7 percent in the second quarter, in line with expectations.
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Second quarter sequential growth was also revised down from the previously reported 1.8 percent.
That means the economy carried over less momentum into the second half than many analysts had expected.
Economists expect China’s full-year growth to come in at 6.6 percent this year, which would meet the government’s forecast of 6.5 percent.
The United States and China imposed new tit-for-tat tariffs against each other’s goods in late September, the latest escalation in a heated trade war between them.
The administration placed tariffs of 10 percent on the $200 billion of Chinese products, with the tariffs to go up to 25 percent by the end of 2018. Beijing’s new levies will be 5-10 percent.
The two countries already exchanged tariffs on $50 billion worth of each other’s goods earlier this year.
Economists warn that a protracted dispute will eventually stunt growth not just in the U.S. and China but across the broader global economy.
