China′s third quarter GDP growth rate is
at 6－point－9 percent. Although it beat market expectations，…
it′s the first time it has fallen below seven percent in over six years.
And as Kim Min－ji reports， this could spell trouble for Korea， which is reliant
on China for exports. Indicating a slowing China，…. the world′s
second－largest economy saw its GDP growth rate fall to its slowest level since the global
financial crisis. Beijing′s GDP grew 6－point－9 percent
in the July to September period from a year ago，… slightly better than market expectations
of 6－point－8 percent，… but below seven percent for the first time in over six years.
This air of uncertainty raises doubts about China being able to reach its growth target
of about seven percent this year. ″As for the reason why the growth slightly
slowed in the third quarter， I think the main reason is that the international and
domestic economic and financial situation showed new trends and new issues in the third
quarter.″ China′s economy has been heading downhill
since 2007，… and other economic indicators are adding to concerns that Beijing′s slowdown
may be worse than first thought. Industrial output rose 5－point－7 percent
in September from a year earlier，… below forecasts of six－percent growth.
Fixed asset investments， another major driver of the economy，… also fell below market
estimates of 10－point－8 percent. This is despite China′s efforts to lift
its ailing economy，… by cutting interest rates and devaluating its currency.
It raises concerns for Korea，… with more than a quarter of its outbound shipments heading
to Beijing. ″China′s slowing economic growth rate
will have a negative impact on Korea. Korea has already seen its exports to Bejing fall，….
and as China turns to focus on expanding its domestic supply of intermediary goods，…
Korea′s trade to China can only head downhill.″ Experts say that while Beijing may take further
stimulus measures to prop up growth，… Korea will need to diversify its exporting
countries in order to reduce dependence on China，… as well as focus more on exporting
finished goods or consumer goods. Kim Min－ji， Arirang News.