Latest News:  
Beijing   Sunny    21 / 12 ℃  City Forecast

English>>China Business

China economy slows, rebound expected in Q4

(Xinhua)

08:02, October 19, 2012

Sheng Laiyun (R back), spokesman of the National Bureau of Statistics (NBS), speaks at a press conference in Beijing, capital of China, Oct. 18, 2012. China's economy expanded 7.4 percent year on year in the third quarter of 2012, slowing from 7.6 percent in the second quarter and 8.1 percent in the first, the NBS announced Thursday. (Xinhua/Wang Yongji)

BEIJING, Oct. 18 (Xinhua) -- China's economy has slowed for the seventh straight quarter, growing 7.4 percent year-on-year in the third quarter of 2012, the National Bureau of Statistics (NBS) announced Thursday.

The figure was lower than the 7.6-percent growth seen in the second quarter and the first quarter's 8.1-percent growth but was still in line with economists' predictions that third-quarter economic output would grow between 7.4 and 7.5 percent.

China's GDP reached 35.35 trillion yuan (5.61 trillion U.S. dollars) in the first three quarters, NBS spokesman Sheng Laiyun said at a press conference.

"The GDP grew 7.7 percent in the first three quarters and the economy is generally stable," Sheng said.

During the first half, the GDP grew by 7.8 percent.

"Compared with the first half, we have seen some improvements in the third quarter," he said, citing a trade rebound and other major economic indicators showing that growth has picked up.

NBS data released Thursday showed that total retail sales in September hit 1.82 trillion yuan, up 14.2 percent year on year, with a month-on-month growth rate of 1.46 percentage points.

Industrial value-added output grew 9.2 percent in September, up 0.3 percentage points compared to August.

Fixed asset investment rose 20.5 percent year-on-year to 25.69 trillion yuan in the first nine months, with growth accelerating slightly by 0.1 percentage point from the first half.

"We are fully confident that the economy will meet its growth target of 7.5 percent this year," Sheng said.

China lowered its growth target for 2012 to 7.5 percent amid sluggish demand and global economic woes.

"We are seeing positive factors that will drive a rebound for the economy," said Tang Jianwei, senior finance analyst at the Bank of Communications, China's fifth-largest lender.

China's exports saw a surprise surge in September, rising 9.9 percent to 186.35 billion U.S. dollars. Export growth sharply increased from 2.7 percent in August, according to customs data. Imports grew 2.4 percent to 158.68 billion U.S. dollars, ending three months of consecutive drops.

Tang predicted that exports will continue recovering in the fourth quarter on improvements in the EU and U.S. economies following a new round of quantitative easing (QE3) in the United States and the launch of a permanent bailout fund, the European Stability Mechanism, in the eurozone that aims for financial stability in the region.

【1】 【2】



News we recommend:
House prices nudge upward in September Islands dispute benefits carmakers' competitors Sany's bid to usurp Caterpillar
Falsely labeled crabs upset the market A Boon to the Economy 'Right time' for London to build RMB business
Beijing offices still hot properties  The consuming challenge of food safety The dawn of a new growth era

Email|Print|Comments(Editor:厉振羽、张洪宇)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. 'Gangnam Style' dances ease pressure

  2. Fighters conduct training

  3. Unforgettable moments you can't miss in Oct.

  4. Same-sex wedding performed in Fujian Province

  5. Asia's largest Apple store on Wangfujing Street

  6. Europe offers solace after US ruling

  7. Osmantus flower of fall - aromatic local snacks

  8. Funny pictures by Chinese net friends

Most Popular

Opinions

  1. Rich list shines a light on China’s shifting economy
  2. Indigenous industry key to change
  3. Miners must break ground overseas
  4. 2nd US debate sees candidates flex China muscle
  5. Abe's visit to shrine to dent China-Japan ties
  6. China, Japan and S. Korea must eye the best
  7. Editorial: Addressing the wealth gap
  8. 'Do the right things' for the economy
  9. Obama outperforms Romney in 2nd debate
  10. Commentary: Japan's propaganda war on Diaoyu

What’s happening in China

Same-sex wedding performed in Fujian Province

  1. Bomb threats net serious time
  2. Online gun-selling network busted in China
  3. Retiring can cause more quarrels, divorces: court
  4. Training center for helicopter pilots opens
  5. Young migrant workers targeted in phone scams