China's Q3 GDP hits weakest pace since early 2023, backs calls for more stimulus
BEIJING - China's economy grew at the slowest pace since early 2023 in the third quarter, and though consumption and factory output figures beat forecasts last month a tumbling property sector remains a major challenge for Beijing as it races to revitalise growth.
"The stimulus package announced at the end of September will take time and patience to boost growth over the next several quarters," he added. "We would downplay the importance of better-than-expected key economic indicators in September given that the structural weakness in the property and household sectors remains largely unaddressed," said Betty Wang, an economist at Oxford Economics.
The frail consumption has taken a toll on many businesses, with major Franco-Italian eyewear maker EssilorLuxottica just one of many in the firing line. The makers of Rayban and Oakley brands reported it had missed third quarter revenue expectations dragged by weak consumer demand in China. Markets were choppy following Friday's burst of data, but then rallied sharply with the blue-chip CSI300 Index up 2.5% and theChina has been grappling with deflationary pressures since early last year, and some economists see those strains deepening.
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