New data show stabilization trend

Economists say the latest economic data shows growth that’s steady and a chance for China to meet its yearly growth target.

The country’s gross domestic product expanded 6.7 percent year-on-year in the third quarter, the same figure as in the previous quarter, the National Bureau of Statistics reported on Wednesday.

The growth was supported to a great extent by surging property sales and government efforts to boost infrastructure investment, economists said.

Other indexes confirmed the economy’s stabilization. Fixedasset investment in the first three quarters edged up by 8.2 percent year-on-year, supported by commitment to capital infrastructure and real estate investment.

The better-than-expected economic data also prompted economists to raise their forecast on China’s whole year GDP growth, and many of them said the country will be able to achieve its growth target of 6.5 to 7 percent this year.