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China’s economic growth stabilized, as slowdown almost bottomed out

(Xinhua)

08:31, October 23, 2012

Photo taken on Oct. 10, 2012 shows the scene of a container terminal in Lianyungang City, east China's Jiangsu Province. (Xinhua File Photo/Wang Chun)

BEIJING, Oct. 22 (Xinhuanet) -- China's economic growth eased for the seventh straight quarter, but a slew of positive economic indicators for September have shown that China's economy is stabilizing and the slowdown has almost bottomed out.

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.

Despite the growth slide, NBS spokesman Sheng Laiyun said the economy has been stabilizing, especially since September, as a slew of evidence backed this, citing the trade rebound and other major economic data.

NBS data showed industrial output expanded 9.2 percent year-on-year in September, up 0.3 percentage point from August. Retail sales shot up 14.2 percent over the same period last year, and the growth rate of fixed-asset investment in the first nine months of 2012 accelerated by 0.1 percentage point compared with the rate in the first half of the year.

The purchasing managers' index (PMI) rebounded to 49.8 percent in September from 49.2 percent in August and exports rose to a record monthly high of 9.9 percent year on year to 186.35 billion U.S. dollars.

The data echoed Premier Wen Jiabao's remarks during recent talks on economic conditions. Premier Wen said China's economic growth has started to stabilize and shown positive changes. China's economy will continue to stabilize as government policies get further implemented, Wen said, expressing confidence that China can meet its official growth target of 7.5 percent for the year.

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