China’s Economic Growth Slows During US Trade Fight

A worker walks by a container ship docked at a port in Qingdao in east China's Shandong province

On a quarterly basis, GDP in the third quarter grew 1.6 percent, compared with growth of 1.8 percent in April-June, the National Bureau of Statistics said.

"The trend of slowdown is strengthening despite Chinese authorities' pledge to encourage domestic investment to support the economy". This is the weakest quarter since 2009 and below economists' forecasts.

He told CNBC: "China can not be growing at 6.6-6.7 percent every quarter because of the fact that they're starting to de-leverage and also for the fact that you've got a trade dispute going on with the Americans".

It said the pace was in line with market expectations and higher than the government's annual growth target of around 6.5 percent.

Before the latest growth figures, economists had expected China's full-year growth to come in at 6.6% this year and and 6.3% next year.

Consumer spending in China has been falling, according to some economic data, putting.

But following the data, some say growth could slow even more dramatically next year.

So far exports to the United States have held up but economists expect trade frictions to weigh on growth in the coming months and into next year.

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China releases second-quarter GDP on Friday, along with September industrial output, retail sales, property sales and investment, and fixed asset investment data.

Infrastructure investment rose 3.3 percent year-on-year for Jan-Sep, slower than 4.2 percent growth in the first eight months of the year.

Retail sales, a window into Beijing's aim to get consumers spending to drive the economy, expanded 9.2 percent for the month compared with a year ago, from 9.0 percent in August and ahead of estimates.

Faced with a cooling economy, stock market wobbles and a yuan currency under pressure, policymakers are shifting their priorities to reducing risks to growth by gradually easing monetary and fiscal policy.

The central bank has cut reserve requirements for lenders four times this year, with the latest cut taking effect on October 15, injecting more liquidity to stimulate bank lending.

Markets are being pummelled by concerns over the economy, the escalating trade standoff with the United States and an official crackdown on excess debt leveraging in the financial system.

"Exports have not deteriorated yet but China's trade will likely shrink due to China-US trade conflicts", SMBC Nikko Securities' Hirayama said.

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