China’s GDP growth rate at 30-year low

Deccan Chronicle.  | Kevin Yao & Gabriel Crossley

Business, Economy

Asian stocks stumbled after the data, reversing gains made on the UK and European Union striking a long-awaited Brexit deal.

China’s trading partners and investors are closely watching the health of the world’s second-largest economy as the trade war with the United States fuels fears about a global recession.

BEIJING: China’s third-quarter economic growth slowed more than expected and to its weakest pace in almost three decades as the bruising US trade war hit factory production, boosting the case for Beijing to roll out fresh support.

Gross domestic product (GDP) rose just 6.0 per cent year-on-year, marking a further loss of momentum for the economy from the second quarter’s 6.2 per cent growth.

China’s trading partners and investors are closely watching the health of the world’s second-largest economy as the trade war with the United States fuels fears about a global recession.

Asian stocks stumbled after the data, reversing gains made on the UK and European Union striking a long-awaited Brexit deal.

Downbeat Chinese data in recent months has highlighted weaker demand at home and abroad. Still, most analysts say the scope for aggressive stimulus is limited in an economy already saddled with piles of debt following previous easing cycles, which have sent housing prices sharply higher.

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