China's economic growth slows to lowest rate since financial crisis

China Growth Slows to 6.5%; Finance Officials Try to Soothe Worried Investors

Before the latest growth figures, economists had expected China's full-year growth to come in at 6.6% this year and and 6.3% next year.

This is down on expectations for a 6.6 percent growth, according to analysts polled by Reuters, and is lower than than 6.7 percent year-over-year expansion in the previous quarter. That's the lowest reading since the height of the global financial crisis in 2009.

Separate data showed China's factory output growth weakened to 5.8% in September from a year earlier, missing expectations while fixed-asset investment expanded at a slightly faster-than-expected 5.4% in the first nine months of the year.

He told CNBC: "China can not be growing at 6.6-6.7 percent every quarter because of the fact that they're starting to de-leverage and also for the fact that you've got a trade dispute going on with the Americans".

Second quarter sequential growth was also revised down from the previously reported 1.8 percent.

"Looking ahead, the economic outlook is not optimistic with exports facing further headwinds as US tariffs kick in and demand from emerging countries ebbs".

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Beijing and Washington have slapped tit-for-tat tariffs on each other in recent months and plans for bilateral trade talks to resolve the dispute have stalled, triggering a domestic equities rout and putting pressure on China's already softening economy and weakening currency.

A BBC report on the state of China's economy said that Beijing was not expecting to fight a trade war at a time when it was trying to manage systemic risks in the economy.

The Commonwealth Bank of Australia, meanwhile, said in an afternoon note that the GDP data released on Friday is "likely to encourage the Chinese authorities to keep macro-economic policy settings supportive".

Besides the trade war, China's spiralling local government debt remained a major concern of its slowing down economy as it has risen to United States dollars 2.58 trillion according to recent figures released by the Ministry of Finance here.

The conflict has more directly hit confidence in China.

He also said the central bank will use various monetary tools, such as relending and medium-term lending facilities, to allow commercial lenders to advance more loans to private companies.

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