China’s economy slows to 4.9% growth in Q3, but still beats expectations

The Chinese economy grew 4.9% from a year earlier in the third quarter of the year, slowing from the growth rate in the previous quarter as the headline growth figure was hurt by a high base comparison with the same period a year earlier.

The result beat the 4.5% economic growth expected by economists polled by The Wall Street Journal, and fell far short of the 6.3% year-over-year growth rate recorded in the second quarter.

When compared with the second quarter of the year, China’s gross domestic product rose 1.3% in the July-September period, quickening from the 0.8% quarter-over-quarter growth recorded in the second quarter, China’s National Bureau of Statistics said Wednesday.

For the first nine months of the year, China’s GDP expanded 5.2% from a year earlier, above Beijing’s official growth target of around 5.0% growth for this year.

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