China’s Growth Slows to 6.9% in Third Quarter Compared to Projected 6.8%
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(HONG KONG) — Feeble numbers have been reported for China’s July-to-September growth period as investors continue to worry about the country’s slowing economy.
On Monday it was reported that China’s economy grew to 6.9 percent in the third quarter, the country’s slowest rate since 2009, although it was still slightly higher than what economists predicted the growth rate would be — 6.8 percent.
The government is aiming for a 7 percent growth target for the year.
To try to help lift growth, China’s central bank has cut interest rates five times in nearly a year and the government has pledged to invest billions of dollars in new infrastructure projects, according to the New York Times.
China’s own economic issues are affecting worldwide markets. U.S. Federal Reserve Chair Janet Yellen said China was one of the reasons why the Fed had delayed raising interest rates in the U.S.
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