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Chinese economy slows down further in Q3

Chinese economy slows down further in Q3

Mubasher: Chinese economic growth in the third quarter of this year lost further steam, as the trade tensions with the US took another toll world’s second biggest economy.

China’s gross domestic product (GDP) came in at 6% year-on-year in the three months ended last September, compared with 6.2% in the prior period ended June, figures from National Bureau of Statistics (NBS) showed on early Friday.

This marked the weakest growth pace seen since the quarterly data started in 1992, according to CNN.

Meanwhile, it also came below a 6.1% expansion expected by analysts surveyed by Refinitiv.

China’s GDP has been fading since the first quarter of last year when it rose at 6.8% due to credit tightening and the trade conflict with the US, Mizuho Bank’s Asia and Oceania strategy head Vishnu Varathan was cited by CNBC.

The data came just one week after Washington and Beijing reached a “phase one” trade deal, resulting in the US suspending its tariff hikes on Chinese goods.

However, both sides still seemed far from sealing a comprehensive pact, as the latest deal does not address some of the contentious issues.