Wall Street climbed to record highs on Friday, with major indexes turning in their strongest weekly gains since August, after strong U.S. housing data and signs of resilience in the Chinese economy raised hopes of a rebound in global growth.
China's economy expanded at its slowest rate in nearly three decades in the third quarter, hit by cooling domestic demand and a protracted US trade war, official data showed on Friday.
China's number two leader Li Keqiang has warned the country faces a tough struggle, as he laid out plans to prop up the world's second-largest economy. Opening the annual session of China's parliament, he forecast a slower growth of 6% - 6.5% this year, down from a target of around 6.5% in 2018.
China's economic growth slowed in the quarter ending in June, adding to challenges for Beijing amid a mounting tariff battle with Washington. The world's second-largest economy expanded by 6.7%, down from the previous quarter's 6.8%, the government reported Monday.
China's economy grew at an annual pace of 6.8% in the first quarter compared to the same period last year, according to official data, beating forecasts for the period. The growth figures for January to March were also above Beijing's 2018 annual growth target of around 6.5%
By Gwynne Dyer - Good things come in threes, but so do bad things. Especially in economies. The financial crisis everybody has been waiting for is a hard landing of the Chinese economy, the world's second-biggest. It now seems to have arrived, though the Chinese government is still denying it.