China's Government Intends to Take Additional Steps in Supporting Economic Growth

Forex News

Chinese authorities will take additional steps to support growth of the world's second-largest economy. The China’s GDP grew by 6.5% in the third quarter. China's economic growth slowed more than expected to the weakest pace since the first quarter of 2009 as the country's trade war with the US puts pressure on growth.

The politburo said, the government will stabilize employment, finance, foreign trade and investment, reaffirming a pro-active fiscal policy and prudent monetary policy. The government would also resolve difficulties facing small and private firms, and promote the long-term healthy development of capital markets.

Meanwhile, China reported slower manufacturing growth in October for the second straight month. Official manufacturing Purchasing Managers' Index (PMI) was 50.2 in October, lower than expected 50.6. The official manufacturing PMI was 50.8 in September. The official PMI reading for October was the lowest since July 2016.