Economics
China's New Economy Won't Pack the Same Punch for Global Growth
- As manufacturing wanes, so does Chinese demand for commodities
- Australia, Brazil and other raw-material exporters lose out
Is China's Economy Moving Away From Manufacturing?
This article is for subscribers only.
Here’s the good news out of China: While third-quarter economic growth decelerated to its slowest pace since 2009, it was still faster than anticipated, thanks to a resilient services sector and buoyant consumer spending.
It could have been a lot worse for the world’s second-biggest economy, especially after this summer’s stock-market rout and turmoil that followed a surprise devaluation of the yuan on Aug. 11. Gross domestic product rose 6.9 percent in the three months through September from a year earlier, beating economists’ estimates for 6.8 percent.