China's 3Q GDP growth slowest since 2009

China's 3Q GDP growth slowest since 2009

Following a global drop in stock prices on October 11 amid concerns of a rise in long-term interest rates in the United States, stock markets around the world appeared to be stabilizing, but at one point on October 19 Japan's benchmark Nikkei 225 index shed 400 points over concerns about the future of the Chinese economy.

That was the slowest pace since the aftermath of the global financial crisis in 2009.

But China "must be fully aware that challenges from outside are increasing", the bureau said.

Under efforts to stem the hemorrhage, the PBoC on Friday said it was studying measures to ease companies' financing difficulties and would also use monetary policy tools to support banks' credit expansion.

Trump, who often boasts of the USA stock market's gains during his presidency, has pointed to China's equity troubles as a sign that Washington was winning the trade conflict.

Xi put more emphasis on "high-quality" economic development than on "high-speed" growth, declaring a "critical battle" against financial risks, poverty and pollution.

China's top securities regulator has pledged to continue reforming the financial market, and promote opening-up and innovation to stabilize and boost market confidence.

China is a $14 trillion-economy, second after the US.

China releases second-quarter GDP on Friday, along with September industrial output, retail sales, property sales and investment, and fixed asset investment data.

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Infrastructure investment rose 3.3 per cent year-on-year for Jan-Sept, slower than 4.2 per cent growth in the first eight months of the year.

Manufacturing growth further slowed to 6% from 6.6% in the second quarter, the weakest level since the set of the data was first available last March.

Washington has so far slapped $250bllion (£190.4billion) of tariffs on Chinese products. Private companies are struggling with liquidity concerns, the economic outlook is slowing as a trade war with the US deepens, and a weakening yuan is starting to prompt capital outflows.

The United States and China imposed new tit-for-tat tariffs against each other's goods in late September, the latest escalation in a heated trade war between them.

To realize the "moderately prosperous society", where all citizens can enjoy comfortable lives, China's economy needs to expand at an average annual rate of around 6.5 percent.

China's GDP has dropped to its weakest level in nearly nine years as USA tariffs appear to hit their mark.

Signs abound that the Chinese authorities intend to preempt an economic downturn by turning on the stimulus taps.

Chinese stocks are being pummeled by concerns over the economy, the escalating trade standoff with the United States and an official crackdown on excess debt leveraging in the financial system. The Chinese economy had been able to keep growing within a range of between 6.7 per cent and 6.9 per cent every quarter for the last three years.

The news comes at a time when the Chinese economy has come up against a myriad of macroeconomic headwinds, with growing trade tensions with the U.S. and investor sentiment reflected in a declining stock market.

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