China’s Lackluster Growth Continues, Signaling Why Beijing Acted on Economy

The Chinese economy continued to grow at a lackluster pace over the summer, according to data released on Friday, underscoring the urgency of the government’s recent attempts to bolster growth.

Construction has slowed because of a housing market meltdown. Millions of young college graduates have been unable to find work. Many local governments have run out of money to build roads or even pay the salaries of teachers and other workers.

China’s economy grew 0.9 percent in July through September over the previous three months, China’s National Bureau of Statistics said. When projected out for the entire year, the economy grew at an annual rate of about 3.6 percent in the third quarter.

But the growth in part reflected an official revision that showed the second quarter was even weaker than previously acknowledged. Growth between April and July was at an annual pace of 2 percent, and not the previously reported pace of 2.8 percent.

Beijing has announced a series of measures since Sept. 24 to address the economy’s lingering troubles. The central bank has cut interest rates and minimum down payments for mortgages. The finance ministry promised the sale of more bonds to raise money for local governments to pay municipal salaries and buy vacant apartments for conversion into affordable housing.

“The timing of the stimulus shows the government realizes the deterioration of the economy,” said Louise Liu Qian, the founder and chief executive of Wusawa Advisory, a Beijing geopolitical and business consulting firm.