China's GDP growth slows to lowest rate in years

China's GDP growth slows to lowest rate in years

Growth in retail spending and investment slowed, though to still-robust rates.

Investors had also been jittery after China's GDP numbers were released, showing that economic growth slowed to 6.5 percent year-over-year in the third quarter.

The US also wants Beijing to rein in high-technology industrial subsidies, open its markets to more foreign competition and take steps to cut a $375 billion (£283 billion) US goods trade surplus. This is the weakest quarter since 2009 and below economists' forecasts.

"The 6.5 percent figure is definitely below our consensus expectations".

Separate data showed China's factory output growth weakened to 5.8% in September from a year earlier, missing expectations while fixed-asset investment expanded at a slightly faster-than-expected 5.4% in the first nine months of the year.

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

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The conflict has more directly hit confidence in China.

Markets are being pummelled 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.

Vice Premier Liu He, regarded as China's financial tsar, led a coordinated effort with the country's central bank and financial regulators on Friday to stem its worst stock market rout in three years, and extended a lifeline to businesses battered by a liquidity squeeze.

But on Friday morning, the heads of the People's Bank of China, the Securities Regulatory Commission and the Banking and Insurance Regulatory Commission all issued statements expressing support for the stock market and positive economic fundamentals.

Shares worth 4.5 trillion yuan (USD 648.6 billion) in market value have been used as collateral for loans - a way of accessing funds used particularly by smaller listed companies, according to Essence Securities data.

By market close, the Shanghai composite and the Shenzhen composite had surged 2.58 percent, while the Nasdaq-style Chinext index went up 3.18 percent. Unless loans are repaid or more collateral is added, the stocks can be liquidated by debtors, further weighing on already weak sentiment, the Post said.

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