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Asia Economy Last Updated: Oct 18, 2013 - 10:29 AM


China’s economy accelerated in the third quarter
By Finfacts Team
Oct 18, 2013 - 8:40 AM

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China’s economy expanded 7.8% in the third quarter from the same period a year earlier, up from second quarter growth of 7.5%. On a quarter-to-quarter basis, growth rose by 2.2%, suggesting an annualised rate of growth of 9.1%.

The rebound in the world’s second-largest economy was mainly the result of government stimulus efforts to boost economic activity with looser monetary policy and a “mini-stimulus” of investment in infrastructure such as rail and subway systems.

China's official 2013 growth target is 7.5% and the target has been met every year since the Asian crisis in 1998.

On Tuesday we reported that China’s exports unexpectedly fell in September from year earlier but data today showed that monthly industrial output rose 10.2% compared with a year ago, while retail sales grew 13.3%.

Growth in the first nine months stood at 7.7%, which is in line with market expectations and was above the government's full-year target of 7.5%, the National Bureau of Statistics announced on Friday and Xinhua, the official news agency, reported.

"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 GDP totaled ¥38.68tn yuan (US$6.3tn) 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 vigor.

The latest GDP figures show a rebound in the world's second-largest economy after China's full-year annual growth eased to 7.8% last year, was its weakest since 1999.

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