BEIJING: According to new data, China’s economy performed largely as expected in the last quarter, showing steady economic growth at 6.7 percent. Although trade was down, strong consumer spending helped stabilize the figures.
China’s economic growth was steady in the three months to September according to the latest data confirmed by the National Bureau of Statistics (NBS) on Wednesday. Compared with a year earlier, figures showed the world’s second-largest economy grew by 6.7 percent, which was in line with the previous two quarters and marginally better than some analysts had predicted.
Julian Evans-Pritchard, China economist at Capital Economics said: “Economic activity seems to be holding up reasonably well, with few signs that a renewed slowdown is just around the corner.” Forecasters remained cautious however, warning that growth was still likely to slow next year given that this latest strong showing was reliant on a surge in bank lending and real estate prices. Regulators are trying to rein in growth in these areas, viewing them as risky. Initial reaction to the news was somewhat muted, with Shanghai stocks rising by 0.2 percent while Hong Kong gave up its initial gains.
