You are here: Home » PTI Stories » National » News
Business Standard

China's economy grows steadily at 6.7 per cent in 3rd quarter

Press Trust of India  |  Beijing 

recorded a "steady" growth rate of 6.7 per cent in the third quarter of this year, thanks to a red hot real estate market and government backed spending and lending that propped up the world's second- largest economy which witnessed continuous slowdown.

"The general performance was better than expected," the National Bureau of Statistics (NBS) said in a statement today.



"The national economy grew steadily with progress made and quality improved," it said.

The growth figure of 6.7 per cent remained within the government's targeted range of growth between 6.5 and 7 per cent for 2016.

On a quarterly basis, the economy rose 1.8 per cent from the second quarter, state-run Xinhua news agency reported.

China's economic performance has a big knock-on impact around the world.

China's expanded 6.7 per cent year on year in the first three quarters of 2016 to reach 52.997 trillion yuan (USD 7.87 trillion), the NBS said.

NBS spokesperson Sheng Laiyun said China's economy grew steadily with progress made and quality improved, as a result of appropriately expanded aggregate demand, the supply-side structural reform, positive development anticipation and accelerated fostering of new drivers.

Real estate has been a driving force behind China's economy this year, with separate data released today showing that investment in property rose by 5.8 per cent between January and September with sales increasing by almost 27 per cent.

The data showed that China's industrial output expanded 6 per cent in the first three quarters of 2016, largely due to strong performance in the high-tech and equipment manufacturing sectors.

However, the growth rate was unchanged from that in the first half of the year, NBS said.

Industrial output is used to measure the activity of large designatedenterprises with an annual turnover of at least 20 million yuan (USD 2.97 million).

In September, industrial output rose 6.1 per cent year on year, missing forecasts of 6.4 per cent, and down from 6.3 per cent in August.

The increase in the country's industrial output was largely buoyed by the fast-developing high-tech and equipment manufacturing sectors.

China's economy has cooled steadily over the past six years as the ruling Communist Party try to steer it to more self-sustaining growth based on consumer spending instead of trade and investment.

The Chinese government has said the country is expected to face a grim situation in terms of fiscal revenue increases in the last quarter, due to continued economic downward pressures.

is the world's second-largest economy and the second-biggest importer of both goods and commercial services.

It also plays an key role as a buyer of oil and other commodities. Its slowdown in growth has been a factor in the decline in prices of those goods.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

RECOMMENDED FOR YOU

China's economy grows steadily at 6.7 per cent in 3rd quarter

China recorded a "steady" GDP growth rate of 6.7 per cent in the third quarter of this year, thanks to a red hot real estate market and government backed spending and lending that propped up the world's second- largest economy which witnessed continuous slowdown. "The general performance was better than expected," the National Bureau of Statistics (NBS) said in a statement today. "The national economy grew steadily with progress made and quality improved," it said. The growth figure of 6.7 per cent remained within the government's targeted range of GDP growth between 6.5 and 7 per cent for 2016. On a quarterly basis, the economy rose 1.8 per cent from the second quarter, state-run Xinhua news agency reported. China's economic performance has a big knock-on impact around the world. China's GDP expanded 6.7 per cent year on year in the first three quarters of 2016 to reach 52.997 trillion yuan (USD 7.87 trillion), the NBS said. NBS spokesperson Sheng Laiyun said China's economy ... recorded a "steady" growth rate of 6.7 per cent in the third quarter of this year, thanks to a red hot real estate market and government backed spending and lending that propped up the world's second- largest economy which witnessed continuous slowdown.

"The general performance was better than expected," the National Bureau of Statistics (NBS) said in a statement today.

"The national economy grew steadily with progress made and quality improved," it said.

The growth figure of 6.7 per cent remained within the government's targeted range of growth between 6.5 and 7 per cent for 2016.

On a quarterly basis, the economy rose 1.8 per cent from the second quarter, state-run Xinhua news agency reported.

China's economic performance has a big knock-on impact around the world.

China's expanded 6.7 per cent year on year in the first three quarters of 2016 to reach 52.997 trillion yuan (USD 7.87 trillion), the NBS said.

NBS spokesperson Sheng Laiyun said China's economy grew steadily with progress made and quality improved, as a result of appropriately expanded aggregate demand, the supply-side structural reform, positive development anticipation and accelerated fostering of new drivers.

Real estate has been a driving force behind China's economy this year, with separate data released today showing that investment in property rose by 5.8 per cent between January and September with sales increasing by almost 27 per cent.

The data showed that China's industrial output expanded 6 per cent in the first three quarters of 2016, largely due to strong performance in the high-tech and equipment manufacturing sectors.

However, the growth rate was unchanged from that in the first half of the year, NBS said.

Industrial output is used to measure the activity of large designatedenterprises with an annual turnover of at least 20 million yuan (USD 2.97 million).

In September, industrial output rose 6.1 per cent year on year, missing forecasts of 6.4 per cent, and down from 6.3 per cent in August.

The increase in the country's industrial output was largely buoyed by the fast-developing high-tech and equipment manufacturing sectors.

China's economy has cooled steadily over the past six years as the ruling Communist Party try to steer it to more self-sustaining growth based on consumer spending instead of trade and investment.

The Chinese government has said the country is expected to face a grim situation in terms of fiscal revenue increases in the last quarter, due to continued economic downward pressures.

is the world's second-largest economy and the second-biggest importer of both goods and commercial services.

It also plays an key role as a buyer of oil and other commodities. Its slowdown in growth has been a factor in the decline in prices of those goods.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

China's economy grows steadily at 6.7 per cent in 3rd quarter

recorded a "steady" growth rate of 6.7 per cent in the third quarter of this year, thanks to a red hot real estate market and government backed spending and lending that propped up the world's second- largest economy which witnessed continuous slowdown.

"The general performance was better than expected," the National Bureau of Statistics (NBS) said in a statement today.

"The national economy grew steadily with progress made and quality improved," it said.

The growth figure of 6.7 per cent remained within the government's targeted range of growth between 6.5 and 7 per cent for 2016.

On a quarterly basis, the economy rose 1.8 per cent from the second quarter, state-run Xinhua news agency reported.

China's economic performance has a big knock-on impact around the world.

China's expanded 6.7 per cent year on year in the first three quarters of 2016 to reach 52.997 trillion yuan (USD 7.87 trillion), the NBS said.

NBS spokesperson Sheng Laiyun said China's economy grew steadily with progress made and quality improved, as a result of appropriately expanded aggregate demand, the supply-side structural reform, positive development anticipation and accelerated fostering of new drivers.

Real estate has been a driving force behind China's economy this year, with separate data released today showing that investment in property rose by 5.8 per cent between January and September with sales increasing by almost 27 per cent.

The data showed that China's industrial output expanded 6 per cent in the first three quarters of 2016, largely due to strong performance in the high-tech and equipment manufacturing sectors.

However, the growth rate was unchanged from that in the first half of the year, NBS said.

Industrial output is used to measure the activity of large designatedenterprises with an annual turnover of at least 20 million yuan (USD 2.97 million).

In September, industrial output rose 6.1 per cent year on year, missing forecasts of 6.4 per cent, and down from 6.3 per cent in August.

The increase in the country's industrial output was largely buoyed by the fast-developing high-tech and equipment manufacturing sectors.

China's economy has cooled steadily over the past six years as the ruling Communist Party try to steer it to more self-sustaining growth based on consumer spending instead of trade and investment.

The Chinese government has said the country is expected to face a grim situation in terms of fiscal revenue increases in the last quarter, due to continued economic downward pressures.

is the world's second-largest economy and the second-biggest importer of both goods and commercial services.

It also plays an key role as a buyer of oil and other commodities. Its slowdown in growth has been a factor in the decline in prices of those goods.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard