Chinese gross domestic product (GDP) grew 6.5% year on year in the third quarter of 2018. That missed analyst expectations of 6.6% and came in lower than the 6.7% year-on-year expansion in the second quarter. NBS data also showed that China's economy grew 1.6% on a quarter-on-quarter basis, slower than 1.8% in the second quarter but in line with economist estimates. In January-September, China's economy grew at an annual rate of 6.7%, in line with forecast. China's official growth target this year is around 6.5%. Fixed asset investment in China for the first three quarters of the year grew at an annual rate of 5.4%, 0.6 percentage point slower than the first half of the year but 0.1 percentage point more than January-August. To cut debt and encourage financial deleveraging, China has sought to implement relatively tight monetary policy. However, policymakers in recent months unveiled measures to lower financing costs, cut taxes and fast-track more infrastructure projects in order to bolster the slowing economy. |
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