China’s economy expanded 4.6 per cent year on year in the third quarter, official data showed on Friday, slower than in the previous three months, underlining faltering growth as Beijing steps up efforts to boost the economy.
The figure is the lowest in 18 months, below the government’s full-year target of 5 per cent and less than the 4.7 per cent recorded in the three months to June as sluggish consumption and a property slump weighed on household sentiment.
The softer growth will underscore the need for more support from Beijing, which in late September announced its biggest monetary stimulus since the pandemic and followed up with promises of heavy fiscal spending.
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