China’s Economic Growth Dipped Again in Third Quarter to Slowest Pace Since 1992

Chinese President Xi Jinping attends a signing ceremony following the talks with his Kyrgyz counterpart in Bishkek on June 13, 2019. (Photo by Vyacheslav OSELEDKO / AFP) (Photo credit should read VYACHESLAV OSELEDKO/AFP/Getty Images)
VYACHESLAV OSELEDKO/AFP/Getty

China’s economy slowed by more than expected in the third quarter, according to a report published Friday by China’s National Bureau of Statistics.

The true growth rate of the Chinese economy can be hard to measure. Official statistics are suspected of often being fudged to meet central government expectations.

The latest economic numbers appear to follow that pattern. China said its economy grew at a 6 percent rate in the third quarter, which happens to be exactly the government’s baseline target for full-year gross domestic product growth.

If accurate, that would be the slowest pace of growth since 1992.

Growth would have slowed by more if not for a reported recovery in industrial production and retail sales in the final month of the quarter. The boost in these sectors coincided with U.S. tariffs and Chinese retaliatory tariffs rising in September, which some China-watchers regard with a high level of skepticism.

 

Investment in the industrial, manufacturing, and agricultural sectors fell in September as the new tariff hit. Investment in infrastructure rose, however, likely due to Communist Party official authorizing spending to commemorate the 70th anniversary of the victory of the Communist Party in China.

 

 

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