China Q3 economic growth slows to 6.5%, lowest since 2009

SINGAPORE (ICIS)–China’s economy posted a third-quarter annualized growth of 6.5%, the slowest quarterly expansion since the second quarter of 2009, the country’s National Bureau of Statistics (NBS) said on Friday.

Growth in the world’s second-biggest economy has decelerated steadily in the past four quarters.

The average growth in the first nine months of 2018 stood at 6.7%, down from the 6.8% average in the first half of the year, NBS said.

The Chinese economy may slow down further amid its escalating trade war with the US.

China will have to enhance reform and increase efforts to boost domestic consumption to achieve its growth target for this year, according to NBS.

The country has set a GDP growth target of 6.5% for 2018, down from 6.9% in 2017.

China is a major importer of petrochemicals in Asia.

ICN

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