BEIJING
China has recorded its weakest quarterly growth in more than five years, the National Bureau of Statistics reported Tuesday.
Gross Domestic Product increased by 7.3 percent in third quarter compared to the same period last year, the lowest level since early 2009 and slower than the 7.5 percent growth recorded in the second quarter.
Economists said the figure is in line with expectations although it does threaten China’s annual growth target of 7.5 percent.
However, Premier Li Keqiang said recently that growth slightly above or below the target rate would be acceptable and People’s Bank of China Governor Zhou Xiaochuan also said the growth rate was “reasonable”.
HSBC economist Ma Xiao told the South China Morning Post: “The worst period for economic operation may have fallen in July and August, while monthly figures showed growth rebounded last month. For the full year, GDP is likely to grow at a rate close to 7.5 percent.”
However, she added: “Property investment remains the biggest downside risk in the economy.”
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