BEIJING – The growth of the Chinese economy continued to slow down in the third quarter of 2019 pointing towards an economic slump, according to data released on Friday.
China’s GDP – which is at its lowest since March 1992 when data began to be officially be registered – slowed down further to 6% compared to the 6.4 and 6.2 percent growth registered in the first and second quarters of the year, respectively.
This confirms projections although GDP growth was lower than the 6.1% forecast.
The data, released by the National Bureau of Statistics, showed that China’s GDP registered a 6.2% growth year-on-year during the first three quarters, reaching the figure of 69.78 trillion yuan (around $9.8 trillion).
The data shows that despite registering a high growth rate compared to the rest of the world, China is facing a downward spiral due to the effects of the trade war with the United States and other factors, such as low domestic demand triggered by debt-reducing measures.
However, the figures are in line with Beijing’s growth target for the year, which was announced to be in the range of 6 to 6.5%.
Other data released on Friday included industrial output, which grew at 5.6% year-on-year in the first three quarters, 0.8% lower than the growth recorded in the same period last year.
NBS spokesperson Mao Shengyong said the figures showed that the economy had continued to grow at a “generally stable” rate and the economic structure had been constantly optimized.
He added that despite structural adjustments and downward pressure, China would “resolutely” continue with its reform and opening policies and try to stabilize areas such as employment, the financial sector, foreign trade and investment.
However, he warned that the situation inside China and abroad was “complicated and severe,” global economic growth was slowing down and there were increasing “external uncertainties.”