China’s economy, the biggest contributor to global growth, expanded at the slowest pace in five years as the financial crisis cut demand for exports.
Gross domestic product rose 9 percent in the third quarter from a year earlier, the statistics bureau said in Beijing today. That was less than any of the 12 estimates in a Bloomberg News survey and the 10.1 percent gain in the previous three months.
The fifth quarter of slowing growth may exacerbate declines this year in iron ore, copper and oil prices and undermine demand for exports within Asia, where economies are already contracting. The cabinet announced yesterday increased infrastructure spending and tax cuts for exporters and the central bank may be poised to cut interest rates for the third time this year.