China economy grew in the third quarter at its slowest rate since early last year as the country is currently facing weak economic expansion.
The gross domestic product (GDP) grew 4.6% annually in the three months.
This percentage is slower than the previous quarter and below the government’s expectation of around 5% for the year.
The former head of the International Monetary Fund’s (IMF) China division, Eswar Prasad said in a statement, noting, “The government’s growth target for this year now appears in serious jeopardy.”
He added, “It will take a substantial stimulus-fuelled boost to growth in the fourth quarter to hit the target.”
The statement further added, The stimulus measures are “likely to propel the economy to its around 5% target for the year. But more is required if officials are to address the structural challenges in the economy.”
In addition to this, the reports also revealed that new home prices fell in September at the fastest rate in nearly ten years.
