China’s GDP YoY Growth Weakened in Q3

The economic growth of China rose at a slower rate of 6.5 percent in the third than a year ago, which is the weakest growth since the global financial crisis based on the data published on Friday.

It shows a moderate cooling of the country amid the efforts of the government for some years in facing the debt risks that starts to affect growth and ongoing trade war with the US that put exports at risk.

Survey of analysts by Reuters anticipate growth of the GDP by 6.6 percent in July, indicating a  slight weakening compared to the 6.7 percent growth in the previous quarter.

The result of the GDP reading shows the weakest quarterly growth of year-on-year since the first quarter of 2009 in the background of the global financial crisis.

The latest economic data also expressed the decline in domestic demand amid softer factory activity of infrastructures and consumer spending after years of a clampdown on riskier lending added to debt causing the borrowing rates to go higher.

According to the National Bureau of Statistics, the GDP growth rose to 1.6 percent on a quarterly basis in comparison to the 1.8 percent rise in the April quarter. Meanwhile, analysts anticipated growth of 1.6 percent on a quarterly basis.