China's Q3 GDP Expands As Expected
October 18 2017 - 9:19PM
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China's economy expanded as expected in the third quarter but
the pace of growth slowed marginally largely due to measures taken
by the government to contain debt risks.
Gross domestic product grew 6.8 percent year-on-year in the
third quarter, the National Bureau of Statistics reported
Thursday.
Although the growth rate was slightly slower than the 6.9
percent logged in the second quarter, it remained well above the
government's full year target of about 6.5 percent.
Nonetheless, a less supportive fiscal policy stance and slower
credit growth should result in a slowdown over the coming months,
Julian Evans-Pritchard, an economist at Capital Economics,
said.
China's economy has been transitioning from a phase of rapid
growth to a stage of high-quality development, President Xi Jinping
said at the opening of the communist party congress on
Wednesday.
Over the weekend, People's Bank of China Governor Zhou Xiaochuan
said China's economy is set to achieve 7 percent growth in the
second half of the year on rapid growth in household
consumption.
He said the economy grew at a slower pace over the past few
years but growth rebounded 6.9 percent in the first half of the
year.
The World Bank, earlier this month, said China will expand 6.7
percent in 2017 instead of 6.5 percent estimated in April. But
growth will slow next year on gradual re-balancing away from
investment and towards domestic consumption.
Quarter-on-quarter, GDP rose 1.7 percent, following second
quarter's 1.8 percent expansion, NBS said.
Another data from NBS showed that industrial production grew 6.6
percent on year in September, faster than the 6 percent increase
seen in the previous month and a 6.5 percent rise economists had
forecast.
Similarly, annual growth in retail sales accelerated
more-than-expected to 10.3 percent in September from 10.1 percent
in August. Sales were forecast to climb 10.2 percent.
Meanwhile, during January to September, fixed asset investment
rose at a slower pace of 7.5 percent after expanding 7.8 percent in
January to August period. This was also weaker than the expected
7.7 percent.
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