China's GDP growth disappoints

China reported disappointing third quarter economic growth on Monday.

The National Bureau of Statistics reported that gross domestic product grew 4.9 percent in the third quarter from a year ago, lower than expectations for a 5.2 percent expansion.

“Since entering the third quarter, domestic and overseas risks and challenges have increased,” Fu Linghui, spokesperson for the National Bureau of Statistics, said at a press conference.

Ahead of this report, most major investment banks had already trimmed their economic predictions for China for the year.

CNBC’s estimate for China’s full-year GDP based on forecasts from 13 major banks shows growth of 8.2 percent this year, down 0.3 percentage points from the prior median forecast.