(Source: ABS-CBN News | October 19, 2018)
China has recorded the lowest GDP growth in 9 years at the third quarter of the year, garnering only 6.5 percent growth in the July-to-September period year-on-year, according to official GDP figures released Friday by China’s National Bureau of Statistics.
The rate is down from 6.8 percent and 6.7 percent in the first and second quarters, respectively, but in line with a growth target of roughly 6.5 percent for the year set by China’s economic policymakers.
The gloomy export picture has reinforced the need for Beijing to rely on its legion of consumers to grow its economy.
Retail sales, a window into Beijing’s aim to get consumers spending to drive the economy, expanded 9.2 percent for the month compared with last year, from 9.0 percent in August and ahead of estimates.
Relations between the world’s two largest economies have soured sharply this year, as US President Donald Trump turned to hiking tariffs to force concessions in trade negotiations with Beijing.
Washington has hit roughly half of Chinese imports while Beijing has taken aim at most US imports.
Exports still drive a significant chunk of China’s economy and Washington’s tariffs targeting cars, machinery, electronics, consumer appliances and others have led many firms to shift production and hold off on further China investment.
Shanghai’s stock market has fallen by roughly a quarter this year, while the yuan has slipped about nine percent against the dollar.
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