China GDP falls to weakest level since financial crisis

Transitioning to consumer-led economy

China's economic growth slowed to 6.9% in the third quarter, the weakest rate since 2009 and below government targets.

The official government growth target is 7%, although analysts had expected the data for July-September to be worse, with forecasts of 6.8%. This compares to 7.4% growth for the third quarter a year ago. There was strong growth in the services sector which grew 8.4%, offsetting weaknesses in manufacturing, which only grew 6%, and in imports. Why we should not fear a China hard landing The slowdown comes as the government aims to transition China from an export-led economy to one driven by consumer consumption and services.  China was hit by extreme stock market volatility during...