China's Q3 GDP Growth Slows To 6%, Weakest In 27 Years

China's GDP growth slows to 6% in 3rd quarter, lowest in 27 years

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China's growth slumped to 6 per cent in the third quarter of 2019, its lowest level in almost three decades, as the world's second largest economy struggled to overcome the impact of a bruising trade war with the United States and sluggish domestic demand, according to official data released on Friday.

Friday's data marked a further loss of momentum for the economy from the second quarter's 6.2% growth, likely raising expectations that Beijing needs to roll out more measures to ward off a sharper slowdown.

It marks the worst quarterly figure since 1992, although still within Beijing's target range of 6.0-6.5 percent for the whole year. The trade war between the world's two biggest economies is nearly entering its second year, but there seems to be no resolution.

The International Monetary Fund cited the US-Chinese tariff war in this week's decision to cut its 2019 global economic growth forecast to three per cent from 3.2 percent.

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Gao told reporters at a weekly press conference that China's position and goal for the China-US trade negotiations has never changed, according to CNBC.

The economy grew at 6.6 percent in 2018.

Downbeat data in recent months has highlighted weaker demand at home and overseas. Manufacturing is in trouble and the trade war is biting.

China's army of consumers were starting to open their wallets again, with retail sales edging up 7.8 percent on-year in September, compared with 7.5 percent in August.

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A "phase one" deal announced by US President Donald Trump last Friday after he met China's top negotiator Liu He in Washington offered a temporary reprieve from further tariff hikes.

A breakdown of the data showed output of the service sector, which accounted for 54 per cent of the total GDP, rose 7 per cent in the first three quarters of the year, outpacing a 2.9-per cent increase in the primary industry and a 5.6-per cent rise in the secondary industry.

Fixed asset investment grew 5.4 per cent from January to last month, matching what analysts had tipped, but slowing from the 5.5 per cent pace in the first eight months.

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