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China GDP Beats Estimates, Barely

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China GDP Beats Estimates, Barely

However, growth is slowest in 5 years.

The Chinese National Bureau of Statistics announced today that China’s quarterly GDP was 7.3%.

 

This figure topped analysts’ expectations of a 7.2% growth rate, and was down from 7.5% in the second quarter.

"Pessimism about a rebound was palpable." 

The news comes amid growing concerns of a protracted long-term downturn in China driven by depressed real-estate markets and weak domestic demand and industrial production, as well as long-term structural issues such as relatively opaque financial markets and the prevalence of inefficient and corrupt state-owned enterprises.

The sub-par growth rate also suggests that China will miss its stated target of an annual growth rate of 7.5%, which would be the first time in 14 years that the economy underperformed relative to government targets.

Pessimism about a rebound was palpable. 

Citibank economist Shuang Ding was quoted in the Wall Street Journal as saying “I still see downward risk going forward. Fourth quarter growth could be lower than the third.”

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