China’s economic growth has slowed to its weakest quarterly pace in nearly a decade as a trade war with the US and high levels of public debt take there toll, prompting a stock market sell-off across the country’s exchanges. The central bank reported 6.5pc growth in the third quarter, marking the lowest rate of expansion since the financial crisis in 2009 and falling marginally short of the 6.6pc figure that was widely expected. Top economic officials in China put out rare public statements as the figures were released, to reassure investors of the country’s stability and bolster confidence in the economy. Consumer spending in China has been falling, according to some economic data, putting pressure on the country’s manufacturing industry. A clampdown on riskier lending has pushed up borrowing costs for companies and infrastructure investment has also slowed. China’s stock markets fell in response to the economic data. The Shanghai Composite index fell 0.4pc, while the CSI300 index of large companies dipped 0.2pc. In Hong Kong, the Hang Seng index edged 0.8pc lower, while the Hong Kong China Enterprises Index lost 0.6pc. Betty Wang, senior China economist at ANZ in Hong Kong, said: “The 6.5pc figure is definitely below our consensus expectations. Weakness is largely coming from the secondary industry – most notably manufacturing. We may review our fourth quarter forecasts.” Jeremy Warner on Trump-China trade war Senior officials in China attempted to calm jittery markets by issuing a rare coordinated response that included statements from central bank chief Yi Gang, the government’s top economic advisor Liu He, and Liu Shiyu, chairman of China Securities Regulatory Commission. Mr Gang pledged support for private companies, including help with financing. Mr Shiyu said the commission would speed up approval for mergers and acquisitions. But investors and analysts will remain cautious about the state of China’s economy, in light of the difficulties it faces. “Looking ahead, economic outlook is not optimistic with exports facing further headwinds as US tariffs kick in and demand from emerging countries ebbs,” said Nie Wen, an analyst at Hwabao Trust in Shanghai. China’s trade war with the United States has escalated in recent months, with both countries slapping tit-for-tat tariffs on each other. Plans to resolve the dispute have stalled, with Washington imposing tariffs on $250bn (£192bn) of Chinese goods, putting pressure on China’s already softening economy and weakening currency.
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