China's economy grew at its slowest pace in almost three decades during the third quarter, official figures have revealed.
The world's second-largest economy expanded 6 per cent, having been hit by a protracted trade war with the US and falling demand at home.
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(AP) — China's economic growth sank to a 27-year low in the latest quarter amid pressure from a trade war with Washington, adding to a deepening slump that is weighing on global growth.
The world's second-largest economy expanded by 6 percent in the three months ending in September, down from the previous quarter's 6.2 percent, data showed Friday. It was the weakest growth since China started reporting data by quarters in 1993.
The slump adds to problems faced by Chinese leaders, including rising inflation and weaker consumer demand, as they fight a tariff war with President Donald Trump over Beijing's trade surplus and technology ambitions.
"Pressure on economic activity should intensify in the coming months," said Julian Evans-Pritchard of Capital Economics in a report.
Asian stock markets declined on the news. China's benchmark Shanghai Composite Index lost 0.6 per cent and Hong Kong's Hang Seng shed 0.2 per cent.
The unexpectedly weak data raise the likelihood of interest rate cuts and other stimulus to shore up growth and avert politically dangerous job losses. Chinese leaders have boosted government spending but avoided a large-scale stimulus until now for fear of reigniting a rise in debt that already is so high that rating agencies cut Beijing's credit rating.
"More aggressive stimulus can be expected," said Bill Adams of PNC Financial Services Group in a report.
The slowdown in China, the world's biggest trader, has global repercussions. It is depressing demand for industrial components from Asian countries. Prices of soybeans, iron ore and other commodities have fallen, hitting Brazil, Australia and other suppliers.
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Senior MPs have condemned as “unacceptable” a failure to publish the information, when the Commons is being asked to make its most momentous decision in decades.
They suspect “the existing analysis stands” – pointing to Treasury data, last year, that said the limited free trade deal Mr Johnson now plans with the EU will strip 6.7 per cent from GDP over 15 years.
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