Small possibility of double-dip recession in China

BEIJING, Oct. 18 (Xinhua) -- The likelihood of China's economy plunging into recession is very small even though economic data released Tuesday showed the world's second largest economy expanded at its slowest pace in two years in the third quarter.

The National Bureau of Statistics (NBS) announced that the country's GDP grew 9.1 percent year-on-year in the third quarter of the year, compared to 9.5 percent in the second quarter and 9.7 percent in the first.

Even though the risk of a double-dip recession of the global economy looms due to debt crises and sluggish economic growth in the world's major developed countries, NBS spokesman Sheng Laiyun said that the risk of China experiencing a recession in the near future is very low.

"China's economic growth is stable, and the possibility of a double dip is very small in the coming period," Sheng said.

Despite challenges and uncertainties both at home and abroad, it is likely that China's economy will maintain its stable and relatively fast growth in the coming period, boosted by a strong growth momentum, Sheng said during a press conference.

NBS data showed that fixed asset investment rose 24.9 percent year-on-year to 21.23 trillion yuan (3.33 trillion U.S. dollars) in the first nine months, of which 59 percent had come from the private sector, according to Sheng.

Boosted by robust auto and construction materials consumption, the country's retail sales surged 17.7 percent from a year earlier in September, following an increase of 17 percent in August.