China's GDP growth slows to 6.5 per cent in third quarter
China's GDP growth slows to 6.5 per cent in third quarter
A worker walks by a container ship docked at a port in Qingdao in east China's Shandong province
22 October, 2018, 07:31
Third-quarter expansion of fixed-asset investment, a traditional engine of growth, fell to 5.4 per cent in the January-September period, up slightly from 5.3 per cent in the January-August period, data showed. Weakness is largely coming from the secondary industry- most notably manufacturing.
The country's central bank chief weighed in on Friday, saying the People's Bank of China (PBOC) is studying targeted measures to allay the financing difficulties of private companies and will push forward plans to support such firms' bonds financing.
Besides the trade war China's spiralling local government debt remained a major concern of its slowing down economy as it has risen to Dollars 2.58 trillion according to recent figures released by the Ministry of Finance here.
In Hong Kong, the Hang Seng index was down 0.8 percent and the Hong Kong China Enterprises Index lost 0.6 percent.
On a quarterly basis, growth slowed down to 1.6 percent from a revised 1.7 percent in the second quarter, in line with expectations. Nomura estimates the ratio of outstanding pledged shares in the mainland Chinese A-share market is about 8.9 percent in the third quarter, down from a peak of 10.4 percent in the first quarter of 2016. Against the Background of the trade dispute with the United States, the gross domestic product grew between July and September compared to the previous year, only 6.5 percent.
"China's slowdown is a little sharper than expected, but basically fits our narrative for the economy", said Bill Adams of PNC Financial Services Group in a report.
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Before the latest growth figures, economists had expected China's full-year growth to come in at 6.6% this year and and 6.3% next year.
The Trump administration argues that China has more to lose in a trade war - and will face pressure to reach a truce because it exports more than it buys from the United States and because its economy is decelerating while the US economy looks strong.
Recent rapid losses in the yuan have prompted increasing speculation on whether the currency would breach the psychologically critical 7 per dollar level soon, given the local currency is facing a double whammy of depreciation pressure amid rising China-US trade tensions and signs of slowing economy. This triggered China's withdrawal from the trade talks.
The services sector accounted for 53.1 percent of GDP in the first three quarters, slowing from 54.1 in the first half, while consumption contributed 78 percent to growth in the six-month period, data from Friday showed. Chinese companies' overseas shipments rose an average of 11.7% from a year earlier, a slight improvement from an average of 11.5% monthly growth in the quarter before. But positively, the nation is still on track to meet an official growth target this year of around 6.5 per cent.
China is locked in a trade war with the United States, with Washington threatening to escalate the confrontation after imposing tariffs on $250 billion of Chinese goods. Last week, the People's Bank of China made a decision to cut its reserve requirement ratio by 1 percentage point.
'China is pulling on all the levers to support domestic demand in the face of this trade pressure.
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