China’s economy grows 4.9% in Q3, beating expectations but slowing from previous quarter

By ZEN SOO
Associated Press

HONG KONG (AP) — China’s economy slowed in the summer as global demand for its exports faltered and the ailing property sector sank deeper into crisis. The government said Wednesday that the economy expanded at a 4.9% annual pace in July-September, beating analysts’ forecasts of about 4.5%. But that was much slower than the 6.3% annual growth rate of the previous quarter. The Chinese government has issued policy support measures to help the economy, including raising spending on ports and other infrastructure, cutting interest rates and easing curbs on home-buying.  Trade data released last week showed exports and imports continued to decline in September though they contracted at a slower rate than in the month before.