China's third quarter GDP growth slowest in 9 years

20 October, 2018, 08:11 | Author: Regina Silva
  • China's economic numbers show slowing down of economy

But in more positive financial news for China, the nation is still on track to meet an official growth target this year of around 6.5 percent.

It's down from 6.8 per cent and 6.7 per cent in the first and second quarters, respectively.

China's economy grew at its slowest pace in nine years in the third quarter, as a campaign to tackle mounting debt and trade frictions with the USA had an effect.

Retail sales, a window into Beijing's aim to get consumers spending to drive the economy, expanded 9.2 percent for the month compared with past year, from 9.0 percent in August and ahead of estimates.

After another big decline in Chinese stocks on Thursday, policymakers sought to soothe markets, with central bank governor Yi Gang saying the recent stock market fluctuations are largely driven by investor sentiment and equity valuations are not in line with economic fundamentals.

Second quarter sequential growth was also revised down from the previously reported 1.8 percent.

The data Friday showed fixed-asset investment ticked up 5.4 percent year-on-year in the January-September period from record lows the year earlier when Beijing was reining in spending on bridges, railways, and highways.

Hazard: I could finish my career at Chelsea
However, his contract was running down, and Hazard's now has less than two years left until it expires at Stamford Bridge. I love the fans - I think the fans love me.


Red Sox beat Astros to reach World Series
Price's fastball/changeup combination was what kept the Astros lineup from scoring a run during his outing. What the scoreboard says: The final score was 8-6, giving Boston a 3-1 lead in the best-of-seven series.


What Trump Says Is the Biggest Threat to His Presidency
The minutes showed that "almost all" policymakers agreed it was time to stop saying they were stimulating the economy. USA stock prices recovered some earlier losses but were still down for the day following the minutes.


But following the data, some say growth could slow even more dramatically next year.

Economists expect China's full-year growth to come in at 6.6 percent this year, which would meet the government's forecast of 6.5 percent.

Relations between the world's two largest economies have soured sharply this year, as US President Donald Trump turned to hiking tariffs to force concessions in trade negotiations with Beijing.

Authorities are also likely to start once again pumping money into infrastructure projects, after slowing down the projects previous year as a matter of financial prudence.

Besides the trade war, China's spiralling local government debt remained a major concern of its slowing down economy as it has risen to United States dollars 2.58 trillion according to recent figures released by the Ministry of Finance here.

The economy has expanded in a reasonable range and maintained a trend of overall stability and steady progress, China's statistical authority said, while acknowledging that the country faces more external challenges and rising downward pressure.

Recommended:

  • NOAA Predicts Mild Michigan Winter Ahead

    NOAA Predicts Mild Michigan Winter Ahead

    Precipitation is expected to be above normal across the southern tier of the United States , extending up into the Mid-Atlantic. Northern Florida and southern Georgia have the greatest odds for above-average precipitation during the winter, the NOAA said.
    Saudi assassins reportedly dismembered journalist Jamal Khashoggi while he was still alive

    Saudi assassins reportedly dismembered journalist Jamal Khashoggi while he was still alive

    Add Jamal Khashoggi as an interest to stay up to date on the latest Jamal Khashoggi news, video, and analysis from ABC News. Cavusoglu, who was speaking from the airport in Ankara, said the talks with Pompeo were "beneficial and fruitful".
    Facebook hires former deputy PM Sir Nick Clegg

    Facebook hires former deputy PM Sir Nick Clegg

    Mr Clegg, 51, will move to Silicon Valley in January as part of the move, the Financial Times reported. In a surprise defeat a year ago , Clegg lost his seat in parliament in the U.K.'s general election.
  • Migrant Caravan Masses Near Mexican Border

    Migrant Caravan Masses Near Mexican Border

    But the caravan is just the most visible face of ongoing migration, which happens regularly with less public work with smugglers. Mexico's peso weakened more than 1.5 percent against the dollar on Thursday, partly driven by Trump's comments, analysts said.
    Kendall Jenner's stalker gets onto her property, hangs by the pool

    Kendall Jenner's stalker gets onto her property, hangs by the pool

    Jenner's security spotted him by the supermodel's pool, but by the time police arrived Ford had fled. Kendall Jenner is not happy with TMZ after her stalker was spotted a little too close for comfort.
    Barefoot on the beach! Harry and Meghan hit Bondi

    Barefoot on the beach! Harry and Meghan hit Bondi

    Meghan, 37, and Harry, 34, took the tram to the beach to meet lifeguards and volunteers that help keep the beach clean. Adding, "She hasn't just got jet lag but she's got a lovely baby on the way as well".
  • Prince Harry & Meghan Markle Go Barefoot At The Beach

    Prince Harry & Meghan Markle Go Barefoot At The Beach

    The Duke and Duchess of Sussex are winning over hearts and minds on their first overseas royal tour together. Prior to going public with her relationship with Harry in late 2016 Meghan was a prolific social media user.
    OnePlus 6T event now happening October 29th because of Apple announcement

    OnePlus 6T event now happening October 29th because of Apple announcement

    According to leaks on China's Weibo , the 6T will have an optical sensor that means a 2D scan of fingerprints. But the OnePlus 6 has proved to be a worthy competitor for Pixel devices in terms of camera performance.
    US Secretary of State Mike Pompeo to visit Turkey

    US Secretary of State Mike Pompeo to visit Turkey

    Sources have told MEE that Khashoggi was tortured, murdered and dismembered after he entered the consulate on 2 October. Members of Mr Khashoggi's family have called for "an independent and impartial international" investigation.
  • Hamilton: Fangio is the Godfather of F1

    Mick Schumacher won eight of the last 15 races in F3 this season and said this week he will announce his future race plans soon. I think ultimately as a four-time World Champion, it is the most intense year that we've had.
    LeBron James: Lakers are not instant oatmeal

    LeBron James: Lakers are not instant oatmeal

    Following the 128-119 loss to the Trail Blazers , James was asked how long it will take for the Lakers' chemistry to develop.
    Flu vaccine delays for over-65s

    Flu vaccine delays for over-65s

    Flu shots are recommended for seniors, people with underlying chronic health conditions, children under five, and pregnant women. This year's vaccine contains two A strains of the H1N1 and H3N2 viruses, and two strains of the B/Victoria and B/Yamagata.


Popular

Lewis Hamilton '100 percent' sure Mick Schumacher will make it to F1
Mercedes man Hamilton needs to outscore Vettel by eight points to be sure of his title coronation on Sunday evening. Following the sodden second practice, Vettel told reporters he did slow down for the red flags.

Hawking: "there is no God and no life after death"
Stephen Hawking's posthumous book, " Brief Answers to the Big Questions " has just come out. And he leaves open the possibility of other phenomena.

Congo Ebola outbreak not an 'emergency of international concern,' WHO says
Steffan said the committee agreed that declaring an global emergency at this time would hinder efforts to contain the Ebola virus. Tedros Adhanom Ghebreyesus, WHO's director-general, said Wednesday that the committee's decision was backed by "good reasons".

WH Downplays Reports Of Heated Exchange Between Kelly, Bolton
She was at the White House for meetings on Thursday, but the people disagreed about whether she witnessed the argument. Kelly, who retired from the US Marine Corps with the rank of general, was Trump's first Homeland Security Secretary.

Man died of mad cow-like disease after eating squirrel's brain
A MAN has died from an extremely rare virus dubbed "Squirrel Disease" after reportedly eating the brains of a dead squirrel. Of the five cases detailed in their report, however, two were eventually confirmed not to be CJD after all.

13 dead, 50 wounded in explosion at Russia's Crimean college
The Telegram channel 112 identified the man as Vladislav Roslyakov, an 18-year-old fourth-year student of the polytechnic college. Yelena Palyuchkina, a teacher who helped evacuate students, said there was "not total panic" at the time of the attack.

All phases click for Dallas Cowboys vs. Jacksonville Jaguars
Dallas owner Jerry Jones brought a special guest, Mixed Martial Arts superstar Conor McGregor, to the game. It really was all of those as the Cowboys beat up on Jacksonville, winning easily 40-7.

October is Breast Cancer Awareness Month
While regular screenings do help detect cancer sooner, it doesn't help prevent it, but early detection is key according to Love. Mansfield's MP Ben Bradley dazzled in pink to support a breast cancer charity - and he is encouraging you to do the same.

Mourinho's Man Utd handed injury 'surprises' ahead of trip to Chelsea
The Portuguese has lost on each of his three visits to Stamford Bridge as Red Devils manager and suffered a 1-0 defeat in the FA Cup final at Wembley in May.

Jamal Khashoggi case: Crime-scene investigators search Saudi consul's home in Istanbul
Turkish officials say they believe the journalist was killed on orders from Saudi leadership in the Saudi consulate in Istanbul . After speaking with the king, Trump floated the idea that "rogue killers" may have been responsible for the disappearance.