BEIJING - China’s economic growth slowed more than expected to 6.0% year-on-year in the third quarter, the weakest pace in almost three decades, hit by soft factory production amid a bruising Sino-U.S. trade war and lackluster demand at home.
The third-quarter performance was also at the bottom end of the government’s full-year economic growth target of 6.0%-6.5%. “There is a lot of uncertainty, still, regarding the U.S.-China trade agreement,” said Ho Woei Chen, economist at UOB in Singapore. “I think the Dec. 15 tariffs will have very important implications for Chinese growth in 2020. Beijing’s approach has been rather measured and targeted and they will continue to be so.”
A slide in China’s exports accelerated in September while imports contracted for a fifth straight month.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, auto sales posted their 15th straight month of decline while 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.
China is a shady place. No transparency. No one knows what going on in there.
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