China’s economy grew last quarter at its slowest pace since the depths of the global financial crisis, raising concerns over global growth prospects and increasing the likelihood Beijing will introduce broader stimulus measures.
Gross domestic product in the world’s second-largest economy expanded 7.3 per cent in the third quarter from the same period a year earlier, its weakest performance since the first quarter of 2009, when growth was just 6.6 per cent.
But unlike then, when the economy was in freefall as a result of the global financial crisis originating in the US, China’s growth problems this time are largely homegrown.
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