China 3rd quarter growth rises to 7.8%
October 18, 2013, 5:31 am

China’s annual growth eased to 7.8 per cent last year, its weakest since 1999 [Getty Images]

China’s gross domestic product growth accelerated to 7.8 per cent in the third quarter, up from 7.5 per cent in the second quarter, China’s National Bureau of Statistics (NBS) announced on Friday.

Growth in the first nine months stood at 7.7 per cent, above the government’s full-year target of 7.5 per cent.

“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 NBS data, the GDP totalled 38.68 trillion yuan ($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.

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.

China’s annual growth eased to 7.8 per cent last year, its weakest since 1999.

Chinese President Xi Jinping expressed confidence in China’s economic future while addressing the Asia-Pacific Economic Cooperation (APEC) summit on the Indonesian resort island of Bali earlier this month.

“Impetus comes from reform, regulation and innovation,” he said, adding that the slowdown is an intended result of China’s own regulatory initiatives.

Source: Agencies