China's economy grows 4.9% in Q3, beating expectations but slowing from previous quarter

October 18, 2023--China's economy slowed in the summer as global demand for its exports faltered and the ailing property sector sank deeper into crisis, the government said Wednesday.
The world's second-largest economy expanded at a 4.9% annual pace in July-September, beating analysts' forecasts of about 4.5%, official data show.

But that was much slower than the 6.3% annual growth rate of the previous quarter.

The Chinese government has acted to help the economy with various policies, raising spending on building ports and other infrastructure, cutting interest rates and easing curbs on home-buying. But economists say wider reforms are needed to address long-term problems that are stifling growth.