China's economy expanded at its slowest rate in almost three decades during the third quarter as it was hit by the long-running USA trade war and cooling domestic demand, data showed Friday, with an official warning of "mounting downward pressure".
Gross domestic product rose six per cent in the July-September period from a year ago, the slowest pace since the early 1990s and weaker than the consensus forecast of 6.1 per cent. Factory output rose 5.8 per cent in September, retail sales expanded 7.8 per cent, while investment gained 5.4 per cent in the first nine months of the year.
Growth in the world's second-largest economy slipped to 6% in the three months ending in September, down from the previous quarter's 6.2%, data showed Friday.
The growth was in line with the government's annual target of 6-6.5 per cent set for 2019, the official Xinhua news agency reported.
The GDP figures emerged just one week after the USA and China reached a tentative trade truce to avoid more damages to the world's two largest economies.
With China a key driver of global growth, the soft reading added to concerns about the world economy and prompted speculation that authorities will unveil fresh stimulus following a series of other measures in recent months.
The GDP figures emerged only one week after the USA and China reached a tentative commerce truce to keep away from extra damages to the world's two largest economies.
This is the slowest growth rate since the first quarter of 1992.
It was the weakest growth since China started reporting data by quarters in 1993.
Top trade negotiators for the USA and China reached a preliminary trade deal last Friday.
Washington, Europe, Japan and other trading partners say those violate Chinese market-opening commitments and are based on stealing or pressuring companies to hand over know-how.
Downbeat Chinese data in recent months has highlighted weaker demand at home and overseas. That helped to drag down overall Chinese exports by 1.4 percent Imports of American goods sank 15.7 percent.
However the two sides nonetheless seem like removed from hanging any form of complete deal, and the newest announcement doesn't deal with a few of the greatest commerce points on the desk, USA media reviews stated.
Much of this was down to slowing demand from overseas, as the trade war weighs on Chinese production.
But the biggest impact on growth appears to come from weakening domestic activity including factory output, investment and consumer spending.
Fixed-asset investment grew 5.4 percent from January-September, matching expectations, but slowing from the 5.5 percent in the first eight months.
Excluding sales of automobiles, the growth rate reached 9.1 percent during this period.
At the same time, it faces domestic challenges including a swine fever outbreak that has fuelled inflation and hit consumer spending.