China’s Q3 growth sta­ble at 6.7%

The Sun (Malaysia) - - SUNBIZ -

BEI­JING: China’s growth was steady at 6.7% in the third quar­ter, govern­ment data showed yes­ter­day, a sign of sta­bil­i­sa­tion in the world’s sec­ond­largest econ­omy.

The re­sults slightly ex­ceeded the me­dian an­a­lyst ex­pec­ta­tion of 6.6% in an AFP poll.

“The gen­eral per­for­mance was bet­ter than ex­pected,” the Na­tional Bu­reau of Statis­tics (NBS) said in a state­ment. “The na­tional econ­omy grew steadily with progress made and qual­ity im­proved.”

The fig­ure keeps China on track to meet Bei­jing’s tar­get of 6.5-7.0% growth for this year, but comes amid warn­ings that au­thor­i­ties have re­lied too much on easy credit, in­creas­ing fi­nan­cial risks.

“We must be aware that the eco­nomic de­vel­op­ment is still in a crit­i­cal pe­riod of trans­for­ma­tion and up­grad­ing, with old driv­ers of growths to be re­placed by new ones,” the NBS said.

With “a num­ber of un­sta­ble and un­cer­tain do­mes­tic and ex­ter­nal fac­tors”, it added, “the foun­da­tion of con­tin­ued eco­nomic growth is not solid enough.”

China’s in­dus­trial out­put growth eased to 6.1% on-year in Septem­ber, down from 6.3% in Au­gust, govern­ment data also showed yes­ter­day, as slug­gish global de­mand weighed on the world’s big­gest trader in goods.

Fixed-as­set in­vest­ment rose 8.2% in the first nine months of the year, while re­tail sales rose 10.7% on-year last month, rep­re­sent­ing a slight ac­cel­er­a­tion from Au­gust. – AFP

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