The FINANCIAL — China’s economic growth slowed to 6.9% in the third quarter, slipping below 7% for the first time since 2009, government data showed on October 19, adding to concerns that a slowdown in the Asian giant will continue to sap momentum from global growth, according to Nasdaq.
The data, released by the National Bureau of Statistics, suggest that a raft of government measures to support economic activity hasn’t had sufficient effect to stop the cooling of the economy.
Still, the expansion was slightly stronger than a median 6.8% forecast by 13 economists in a Wall Street Journal survey. The economy grew 7.0% in the first two quarters of the year.
Quarterly growth was 1.8% on a seasonally adjusted basis, the statistics bureau said, compared with a 1.7% expansion in the April-June period from the previous three months.
While policy makers in Beijing have repeatedly said the world’s second-largest economy will grow about 7% in 2015, some economists believe China may fail to meet that target, despite interest-rate cuts, tax breaks and approved infrastructure spending.