China's economy grew by 6.5 percent between July and September compared to the 6.7 percent growth experienced during the second trimester of 2018, according to data recently released by the Chinese statistics authority.
The rate is down from 6.8 percent and 6.7 percent in the first and second quarters, respectively, but in line with a growth target of roughly 6.5 percent for the year set by China's economic policymakers.
Chinese regulators have already sought measures to defuse risks related to shares used as collateral for loans, while the recent declines in the country's stock market have created a good buying opportunity, Liu a member of the politburo of the ruling Communist Party of China, told the People's Daily - the party mouthpiece.
While the depreciation of the yuan usually boosts exports by making Chinese firms' products cheaper in other countries and pushing up the value of overseas revenue in yuan terms, it jacks up import prices and causes inflation at home.
Second quarter sequential growth was also revised down from the previously reported 1.8 percent. This is down on expectations for a 6.6 per cent growth, and is lower than than 6.7 per cent year-over-year expansion in the previous quarter.
The GDP reading was the weakest year-on-year quarterly growth since the first quarter of 2009 during the global financial crisis.
Chinese officials have deviated towards tax cuts, framework disbursement, and looser monetary policy as they look for supportive increase.
China's yuan inched up against the US dollar on Friday but was still set for a weekly loss.
However, various factors have slowed down the Asian giant's economic growth.
China immediately took retaliatory action, slapping additional tariffs on $60 billion in US imports, which means Beijing has so far levied tariffs on more than 80 percent of all goods imported from the United States. "There are uncertainties behind the stable economy that is also growing more slowly and under greater downward pressure".
China's economy grew at its slowest pace for nine years in the third quarter, as a campaign to tackle mounting debt, and trade frictions with the USA take their toll. But export industries have begun to suffer from American tariff hikes of up to 25 percent on Chinese goods.
On Thursday, the Commerce Ministry promised to help struggling exporters.
The comments by the three finance officials are the most concerted effort yet targeting investor concern over an equities decline that has seen $3 trillion (€2.62 trillion) wiped off stock valuations this year.
Last week China's central announced the fourth reserve requirement ratio (RRR) cut this year, stepping up moves to lower financing costs amid concerns over the economic drag from the trade dispute with the United States.