China; GDP Grows By Whooping 7.8%
China’s economy expanded by 7.8 per cent year-on-
year in July-September, data showed today, snapping
two quarters of slowing growth.
But analysts questioned whether the improvement
The gross domestic product (GDP) figure for the
world’s second-largest economy, a key driver of
global growth, matched the median forecast in a
survey of 11 analysts by AFP.
Growth for the first nine months of the year came in
at 7.7 per cent, the National Bureau of Statistics said.
“The overall national economy realised steady
growth and enjoyed good momentum,” the NBS said
in a statement accompanying the figures.
“The major indicators stayed within the rational
range, which was in favour of promoting economic
restructuring and pushing forward reforms.”
But its spokesman, Mr Sheng Laiyun, warned of
“pressures” in the form of a “complicated, volatile
and severe” external environment, and accumulated
structural problems in the economy.
Additionally, high comparative figures in the past
three months of 2012 could mean China’s growth
rate does not accelerate in the fourth quarter, he
The latest result suggests China’s economy remains
on track to at least meet Beijing’s own target for this
year of 7.5 per cent growth. The government usually
announces a conservative number that it regularly
Industrial production, which measures output at
factories, workshops and mines, rose 10.2 per cent in
September year-on-year, the NBS said, while retail
sales, a key indicator for consumer spending, was up
13.3 per cent.
And fixed asset investment, a measure of
government spending on infrastructure, rose 20.2
per cent during the first nine months of the year.
The report card for the economy comes as China’s
new leadership has stressed the need to retool the
country’s growth model to one where private,
consumer-led demand drives sustained — albeit
lower — expansion.