China Finance, which is published by the PBOC, reports on the matter
- China economic growth could fall below 6.5% in Q4
- Saying that domestic companies are facing increased difficulties
- Trend of economic slowdown still continues, slowing momentum is increasing
- Government should step up tax cuts to help ease burden on companies
China recorded a 6.5% y/y growth in Q3 last year and while that is very much the envy of many around the world, it's the weakest pace of growth seen in China since the global financial crisis. And so far, officials are maintaining that 2018 growth will still hit a 6.5% annual growth target in spite of recent data weakness.
But the fact that they're acknowledging that a further slowdown may come about bodes ill for the global growth narrative in 2019.
