China economy logs weakest growth since 2009
- 9 years ago
China's economic growth dipped below 7 percent for the first time since the global financial crisis on Monday, hurt partly by cooling investment, raising pressure on Beijing to further cut interest rates and take other measures to stoke activity.
Some analysts were hopeful that the third-quarter cooldown could mark the low point for 2015 as a burst of stimulus measures rolled out by Beijing comes into force in coming months, but muted monthly data for September kept such optimism in check.
In its battle against China's worst economic cooldown in more than six years, the central bank has cut interest rates five times since November and reduced banks' reserve requirement ratios three times this year.
Policymakers think they can stem a rapid rundown of the country's foreign exchange reserves and ease pressure on the currency by pump-priming the economy to meet this year's growth target of about 7 percent, sources involved in policy discussions say.
Some analysts were hopeful that the third-quarter cooldown could mark the low point for 2015 as a burst of stimulus measures rolled out by Beijing comes into force in coming months, but muted monthly data for September kept such optimism in check.
In its battle against China's worst economic cooldown in more than six years, the central bank has cut interest rates five times since November and reduced banks' reserve requirement ratios three times this year.
Policymakers think they can stem a rapid rundown of the country's foreign exchange reserves and ease pressure on the currency by pump-priming the economy to meet this year's growth target of about 7 percent, sources involved in policy discussions say.