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China’s economy grew at its slowest pace in a year in the third quarter as a trade war with the US and a prolonged property downturn weighed on momentum.
Official GDP in the world’s second-largest economy rose 4.8 per cent year-on-year, compared with a 5.2 per cent rise in the second quarter. Authorities have set a target of around 5 per cent for 2025.
The lower reading comes as China’s top Communist Party officials meet in Beijing to discuss their next five-year plan for the period 2026-2030.
It will add to pressure on policymakers who have for years battled to boost domestic demand in an economy that has relied heavily on exports and faced sustained deflation.
This is a developing story.
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