China's Growth Weakens To 4.9% In Q3

The Chinese government reported that the country's economy experienced a slowdown during the summer due to a decline in global demand for its exports and further troubles in the struggling property sector, Zen Soo reported for the Associated Press (AP).

Economists argue that more comprehensive reforms are necessary to address long-term issues that are impeding economic growth.

China, the world's second-largest economy, expanded at a 4.9% annual rate from July to September, slightly surpassing analysts' expectations of around 4.5%, according to official data.

However, this growth rate was considerably slower than the 6.3% annual rate recorded in the previous quarter. In response to these challenges, Beijing implemented a series of measures aimed at stimulating economic recovery, including increased investments in infrastructure, interest rate cuts, and the relaxation of restrictions on home purchases.

Nonetheless, economists argue that more comprehensive reforms are necessary to address long-term issues that are impeding economic growth.

Officials from the National Bureau of Statistics cautioned that the global economic landscape is becoming "increasingly complex and severe," and they expressed concern that Chinese consumer and business demand had not rebounded to the extent anticipated following the pandemic.

Stephen Innes, managing partner at SPI Asset Management, pointed out that while the figures exceeded expectations, China's economy still faces significant challenges, and it's "not out of the woods by any means."

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