China’s economy grows at weakest pace since last year as more stimulus urgedReuters, BEIJINGChina’s economy grew at the slowest pace since early last year in the third quarter, and although consumption and factory output figures beat forecasts last month a tumbling property sector remains a major challenge for Beijing as it races to revitalize growth. The world’s second-largest economy grew 4.6 percent in the third quarter, official data showed, a touch above a 4.5 percent forecast in a Reuters poll, but below the 4.7 percent pace in the second quarter. “Based on our comprehensive assessment, the economy in the fourth quarter is expected to continue the stabilization and recovery trend that occurred in September. “The recently announced stimulus measures could cushion the downside risks to next year’s growth, but are unlikely to reverse the structural downturn,” she said. A Reuters poll showed China’s economy is likely to expand 4.8 percent this year, undershooting Beijing’s target, and growth could cool further to 4.5 percent next year.

Source: Taipei Times October 18, 2024 18:47 UTC