China’s economic growth slows to 4.9% in third quarter, amid muted demand and deflationary pressures

By ZEN SOO
Associated Press

HONG KONG (AP) — China’s economy slowed in the third quarter, amid muted global demand, deflationary pressures and an ailing property sector. According to official data, the world’s second-largest economy grew 4.9% year-over-year in the July-September quarter, beating the 4.5% forecast by analysts but slowing from the 6.3% growth in the previous quarter. The Chinese government in recent months has unveiled a raft of policy support measures to shore up the economy, including infrastructure spending, cutting interest rates and easing curbs for home-buying in an attempt to revive the property sector. China’s trade data, released earlier this week, showed that exports and imports continued to decline although they contracted at a slower rate than previously.