China Q3 expansion weakest in six years; beats estimates

China's economy grew at the weakest pace since 2009 last quarter, rekindling concerns over Beijing's ability to weather China's slowdown and the impact on the global economy. In the July-September period China's economy grew an annualized 6.9%, according to the National Bureau of Statistics (NBS), the weakest pace since the March-2009 quarter, and down from 7.0% in the previous quarter.

China's slowdown has not come as a surprise to policymakers, who have been shifting focus from investment-led growth to a consumer-driven economy over the last few years.

However, the extent of the slowdown has raised concerns. The economy expanded at its weakest rate in 24 years in 2014, and is set to grow at an even weaker pace this year, likely missing the government's loose target of 7%.

Policymakers have tried to stem the downturn by upping stimulus efforts over the last year, cutting interest rates five times since November and slashing the Reserve Requirement Ratio - allowing the banks to hold less in reserves and therefore lend more - on a number of occasions too.

But there have been few signs that policy loosening has paid off. Manufacturing data continues to suggest a marked contraction in output and overall activity, and industrial production is increasing at about a third of the pace seen just a few years ago. Other figures released by the NBS on Monday showed a 5.7% year-on-year rise in industrial output last month, down from 6.1% in August.

Either way, lower levels of growth in China have become a major concern for other exporting economies which rely on demand from China.

Australia, New Zealand, and emerging Asian counties have become all too familiar with the hold China has on the global economy.

Even in the US, the world's largest economy, concerns over China have weighed on policymakers' decisions.