China’s economic downturn grew worse in the three months leading up to September as the nation fought to resurrect its slowing economy.
Gross domestic product (GDP) rose by 4.6% on an yearly basis, below the government’s 5% annual target, according to China’s National Bureau of Statistics.
Beijing has announced a number of measures to encourage growth in recent months.
The world’s second largest market has been hit by a number of problems, including a home problems, as well as poor customer and business trust.
This may raise questions for the Chinese government because it is the second time in a column that its official economic growth indicator has fallen below the goal of 5 %.
China’s central banks announced earlier on Friday that it had urged banks and other financial institutions to increase borrowing to encourage growth.
Last month, the People’s Bank of China ( PBOC ) announced the country’s biggest stimulus package since the pandemic, including large cuts to interest and mortgage rates.
The plans also included measures to encourage banks to contribute more to both businesses and individuals in addition to helping the sagging investment business.
More programs have been made available by the Ministry of Finance and various government agencies since then to promote economic growth.