SHANGHAI, Oct 19 (SMM) – China's economic growth slowed more than expected, to the slowest since the first quarter of 2009 as trade tension with the US and domestic structural adjustments weigh on growth, according to data from China's National Bureau of Statistics (NBS) released on Friday.
Chinese gross domestic product (GDP) grew 6.5% year on year in the third quarter of 2018. That missed analyst expectations of 6.6% and came in lower than the 6.7% year-on-year expansion in the second quarter.
NBS data also showed that China's economy grew 1.6% on a quarter-on-quarter basis, slower than 1.8% in the second quarter but in line with economist estimates.
In January-September, China's economy grew at an annual rate of 6.7%, in line with forecast. China's official growth target this year is around 6.5%.
Fixed asset investment in China for the first three quarters of the year grew at an annual rate of 5.4%, 0.6 percentage point slower than the first half of the year but 0.1 percentage point more than January-August.
To cut debt and encourage financial deleveraging, China has sought to implement relatively tight monetary policy. However, policymakers in recent months unveiled measures to lower financing costs, cut taxes and fast-track more infrastructure projects in order to bolster the slowing economy.