China's economy takes a hit; growth lowest since 2009

China's 3Q GDP growth slowest since 2009

China's 3Q GDP growth slowest since 2009

The decline was unexpectedly strong, analysts ' expectations have not been met: they had expected 6.6 percent growth.

"Faced with an extremely complex environment overseas and the daunting task of reform and development at home", China's growth has still managed to remain relatively steady, said NBS spokesman Mao Shengyong. It fell as much as 1.1% after opening Friday, but rebounded in late morning trading.

The Shanghai composite stock index has fallen by about 30 per cent from its January high, while the yuan has slipped about nine per cent against the dollar. Similar comments were made by the heads of China's securities and banking regulators and President Xi Jinping's top economic adviser.

On the other hand, Chinese purchases from the US faltered after China imposed retaliatory tariffs on USA soybean.

"Frankly, the psychological impact is bigger than the actual impact", he said. While this set of data doesn't necessarily show that the trade war has hit China just yet, there will nearly certainly be more pain to come.

It marked the weakest year-on-year quarterly gross domestic product growth since the first quarter of 2009 at the height of the global financial crisis.

But Trump shouldn't gloat, because the US economy is likely to slow down, too.

It's down from 6.8 per cent and 6.7 per cent in the first and second quarters, respectively. He predicts the slowdown will bottom out around the middle of next year.

'We are back,' says YouTube after hours of global outage
YouTube has had similar issues in the past, but they aren't common and rarely last as long as Tuesday's - more than 50 minutes. Users across the world started to notice around 6.50 am (India time) that YouTube's desktop and mobile applications were down.

China's premier said this week that the country's economic faces increased downward pressure, but said the government will take targeted measures to stabilize growth.

Shares on China's Shanghai Composite Index sank 3 percent Thursday on concerns margin calls may drive prices lower and that the government might have to intervene to maintain calm in the financial markets of the world's second largest economy. As the depressing growth figures emerged, top Chinese economic and financial officials rendered a unique synchronized trial to relax investor's disturbance.

The officials said various measures would be introduced to ease Chinese companies' financing difficulties and further stabilise the financial system, and that China would stick to a "neutral" monetary policy. This year's plunge in China's stock markets, according to economists and analysts, is also taking a toll on consumers. Vehicle sales fell the most in almost seven years in September, data showed last week, with GM and Volkswagen reporting double-digit declines.

Exports, however, were an unexpected bright spot in the third quarter. That, in effect, is borrowing from future growth. Firstly, spending on cars and other durable goods is down. "Some of them are definitely trying to complete orders earlier than planned", said Pan Haitao, who runs the company.

"The worst is yet to come", Kevin Lai, an economist at investment bank Daiwa Capital Markets, said in a note to clients Friday. Mr. Hu says export growth will decelerate to between 5% and 10% in the coming months.

China is locked in a trade war with the United States, with Washington threatening to escalate the confrontation after imposing tariffs on 0 billion of Chinese goods.

The US also wants Beijing to rein in high-technology industrial subsidies, open its markets to more foreign competition and take steps to cut a $375 billion (£283 billion) US goods trade surplus.

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