China is expected to post its weakest economic growth in at least 27-1/2 years o...
BEIJING - China is expected to post its weakest economic growth in at least 27-1/2 years on Friday, raising pressure on Beijing to roll out more stimulus to counter the effects of a costly trade war with the United States.
Still, most analysts believe the scope for aggressive stimulus is limited in an economy already saddled with piles of debt following previous easing cycles, which have sent housing prices sharply higher. “The economy still faces big downward pressure,” said Lu Zhengwei, chief economist at Industrial Bank in Shanghai.
The drags on demand, both domestic and global, have hit several key parts of the economy with weakness seen in freight shipments, factory power generation, employment and entertainment spending. In September, auto sales posted their 15th straight month of decline while factory gate prices fell at their fastest pace in three years.
But the economy has been slow to respond with business confidence shaky and local governments facing increasing strains as tax cuts hit revenues, weighing on investment.
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