China's economic growth slows to 6.5% amid trade battle

19 Octobre, 2018, 09:21 | Auteur: Auguste Feret

Trade war concerns and fallout from trade tariffs from the United States are beginning to take their toll on the Chinese economy, and Asia-session traders are getting nervous that the slowdown will have a measurable effect on China's major trading partners, including Australia.

China's growth continues to slow.

The government reported Friday the world's second-largest economy expanded by 6.5 percent over a year earlier in the three months ending in September, down from the previous quarter's 6.7 percent.

The quarterly growth pace lagged the 6.6 per cent expected in a Bloomberg poll of economists, and was slower than the 6.7 per cent clip in the second quarter, according to data released by the National Bureau of Statistics in Beijing.

Analysts polled by Reuters had expected the economy to expand 6.6 percent in the July-September quarter.

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China's economic growth slowed further in the latest quarter, adding to challenges for communist leaders who are fighting a mounting tariff battle with Washington.

The GDP reading was the weakest year-on-year quarterly growth since the first quarter of 2009 at the height of the global financial crisis.

That means the economy carried over less momentum into the second half than many analysts had expected.

The administration placed tariffs of 10 percent on the $200 billion of Chinese products, with the tariffs to go up to 25 percent by the end of 2018.

Economists warn that a protracted dispute will eventually stunt growth not just in the US and China but across the broader global economy.

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