China’s GDP grows to 7.8 per cent in third quarter
As per the NBS, growth rate picked up by 0.2 percentage points from the first half
Beijing: China’s GDP growth has climbed a few notches up to 7.8 per cent in the third quarter from 7.5 per cent in second, registering an overall growth of 7.7 per cent for the past nine months, close to this year’s official target.
Growth during January-September stood at 7.7 per cent, which is in line with market expectations and above the government’s full-year target of 7.5 per cent, the National Bureau of Statistics (NBS) said.
“China’s economy has maintained a steady growth with major indicators staying within the rational range,” Sheng Laiyun, a spokesman for the NBS, said at a press conference.
According to the NBS data, the Gross Domestic Product (GDP) totalled 38.68 trillion yuan (USD 6.3 trillion) in the first nine months.
“Major economic indicators are in favour of promoting economic restructuring and pushing forward reforms,” Sheng said, adding that the authorities would let the market play a better role to bring out the economy’s intrinsic vigour.
The latest GDP figures headed a string of other data showing a rebound in the world’s second-largest economy after China’s full-year annual growth eased to 7.8 per cent last year, its weakest since 1999.
Doubts were being cast whether the economy, for the first time in recent years, could fall below the modest official target of 7.5 per cent.
Industrial output increased 9.6 per cent year-on-year in the first nine months of 2013, while the growth of fixed-asset investment, a measure of government and private spending on infrastructure, stood at 20.
2 per cent during the period, up 0.1 percentage points over the first half of the year. Retail sales, a key indicator of consumer spending, increased 12.9 per cent from a year earlier.
The growth rate picked up by 0.2 percentage points from the first half, the NBS said. Chinese government maintains that impetus for future economic growth comes from reform, regulation and innovation and the slowdown is a result of China’s own regulatory initiatives.
The government is unleashing various measures including the opening of the Free Trade Zone in Shanghai to attract more foreign and local investments.