China economic growth slumps to weakest since 2009, demand ebbs as trade war bites Photograph:( Reuters )
The growth figures slipped as factory output growth weakened to 5.8 per cent.
China recorded 6.5 per cent growth in the July-to-September period year-on-year, according to China's National Bureau of Statistics(NBS). It is China's slowest growth pace in nine years in the third quarter.
China had grown at 6.7 per cent in the second quarter. The growth figures slipped as factory output growth weakened to 5.8 per cent.
Although infrastructure investment rose 3.3 per cent year-on-year for January to September period, however, it was still down 4.2 per cent in the first eight months of the year. Retail sales bounced back growing 9.2 per cent in September compared to a year earlier.
US has been involved in an escalating trade war with China imposing heavy tariffs on Chinese goods entering US shores, acknowing the " extremely complex economic environment", a government spokesman said China's growth remained "generally steady".
"Faced with an extremely complex environment abroad and the daunting task of reform and development at home China's economic growth remained generally steady," NBS spokesman Mao Shengyong said.
President Trump had targetted tariffs on cars, machinery, electronics, consumer appliances and others entering the US leading to several firms halting investments in China.
The NBS spokesman, however, asserted that China will be able to maintain steady growth next year while revealing the lastest growth figures.
"Infrastructure investment growth is expected to stabilise while the trend of consumption upgrade' continues," NBS asserted, adding,"external environment will create uncertainties for China's efforts to stabilise growth."
The Shanghai stock exchange was mixed after China revealed its grown figures. After falling in morning trade, stocks recovered.