[ad_1]
BEIJING – China's economic growth slowed in the third quarter and was the weakest since the global financial crisis. Regulators have therefore tried to calm investors nervous about the risks of the campaign for debt control and the trade war with the United States. United
The Chinese authorities are trying to cope with many challenges, as fears of the trade war have caused the stock markets and the value of the yuan to depreciate against the dollar, which is worrisome for the government. future of economic growth.
The economy grew 6.5% in the third quarter from the previous year, which is lower than the forecast rate of 6.6% and lower than 6.7% in the second quarter, said Friday the National Office of statistics.
Lee: What trade war? Chinese exports increase … for the moment
Gross domestic product (GDP) growth is the lowest in annual rates since the first quarter of 2009, a critical moment in the global financial crisis.
"The deceleration trend is strengthening despite the commitment of the Chinese authorities to encourage investment to support the economy, domestic demand was lower than unexpected exports," said Kota Hirayama , SMBC economist, Nikko Securities in Tokyo.
After another major decline in Chinese stocks on Thursday, the authorities launched a coordinated attempt to calm the markets. The governor of the central bank, Yi Gang, said that financial market valuations did not correspond to economic fundamentals.
Yi and key regulators have promised specific measures to alleviate corporate finance problems and encourage commercial banks to increase their lending to private companies.
The Shanghai Composite Index, which dropped more than 1% at the start of Friday's session, rallied sharply in the afternoon to end the day with a gain of 2, 6%.
Third quarter growth was affected by September's manufacturing output, the lowest since February 2016, as automakers reduced their activity by more than 10% in the face of slowing sales.
"The weakness comes largely from the secondary sector, especially the manufacturing sector, and we can revise our forecasts for the fourth quarter," said Betty Wang, an economist at ANZ in Hong Kong.
On a quarterly basis, growth slowed from 1.7% in the second quarter to 1.6%, which is in line with expectations.
"In the face of the future, the economic outlook is not encouraging as exports face more obstacles due to the impact of US tariffs and declining demand in emerging countries. . " GDP growth is expected to slow to 6%. % -6.2% next year, "said Nie Wen, an analyst at Hwabao Trust Shanghai.
Car manufacturers, once a driving force for growth, are now feeling the effect of weakening consumption.
According to data released last week, car sales in September recorded the largest decline in almost seven years, while GM and Volkswagen recorded declines of more than 10%.
Other data showed Friday that China's industrial production growth weakened to 5.8% in September compared with the previous year, while investments in tangible fixed assets increased 5.4% in the first nine months of the year.
Retail sales rose 9.2% in September over the previous year, after several months of weak growth.
[ad_2]
Source link
