Beijing, China (BBN)-China’s economy grew 6.9 per cent in the third quarter, the weakest rate since the global financial crisis.
The growth rate is below the government’s 7 per cent target, reports BBC.
Though slightly above expectations, the data is expected to raise pressure on policymakers to step up monetary policy to stem the slowdown.
China’s economy has been hit by extreme stock market volatility over the summer and weak economic data, causing concern on markets around the world.
The latest growth figure for July to September come on the heels of a slew of disappointing data out of China.
Earlier in the month, manufacturing data suggested the sector continued to contract for September.
Imports saw a sharp fall for the past month while inflation eased by more than expected, adding to fears of rapid slowdown in the world’s second largest economy.
China has been attempting to shift from an export-led economy to a consumer-led one, although the steep fall in imports suggests domestic demand is not as strong as the government would have hoped.
In the second quarter, growth had still managed to beat expectations, coming in at 7 per cent from the previous year, matching growth in the first three months of the year.
Economists are, however, continuing to call for more government action, as volatility in the stock markets sparks concerns of financial turmoil and potential social unrest.