China's GDP growth grinds to near 30-year low as tariffs hit production

BEIJING: China's third-quarter economic growth slowed more than expected and to its weakest pace in almost three decades as the bruising U.S. trade war hit factory production, boosting the case for Beijing to roll out fresh support.

Nie Wen, a Shanghai-based economist at Hwabao Trust, pinned the worse-than-expected GDP growth mainly to weakness in export-related industries, especially the manufacturing sector."Given exports are unlikely to stage a comeback and a possible slowdown in the property sector, the downward pressure on China's economy is likely to continue, with fourth-quarter economic growth expected to slip to 5.9per cent," Nie said.

The drags on demand, both domestic and global, have hit several key parts of the economy with weakness seen in freight shipments, factory power generation, employment and entertainment spending. In September, factory gate prices fell at their fastest pace in three years. But the economy has been slow to respond with business confidence shaky and local governments facing increasing strains as tax cuts hit revenues, weighing on investment.In contrast to the disappointing headline GDP number, China's industrial output grew a better-than-expected 5.8per cent in September, faster than the 17-year-low posted in August.

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