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Chinese economy sees slowest growth since 2009

A child waves a small Chinese flag.
Photo: Yu Hongchun/VCG via Getty Images

China's economic growth dropped to 6.5% in the third quarter, the Wall Street Journal reports — the weakest it's been since the financial crisis.

The big picture: The economy overall is on track to still meet its growth target of 6.5%, the Journal reports, though the drop in numbers could hurt China's ability to negotiate with the U.S. amid the brewing trade war.

The details: The drop was due to growth "in industrial output and consumption," the Journal writes. Chinese financial officials released statements Friday seeking to ease investors' concerns, with People’s Bank of China Gov. Yi Gang saying the recent “abnormal fluctuations” in the Chinese stock market don’t reflect the country’s “stable financial system.”

What's next: If growth continues to slow, China is "ready to roll out more pro-growth measures," the WSJ reports, doing things like giving banks more money to provide loans and increasing government spending.

Go deeper: The threats posed by a U.S.-China rivalry

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