China growth steady at 6.7pc

Dhaka,  Sun,  04 December 2016
Published : 19 Oct 2016, 09:44:43

China's economy grows steadily at annual rate of 6.7pc

China's economy grew at an annual rate of 6.7 per cent in the three months to September, government data showed, a sign that growth is stabilising, reports BBC.

The figure was the same rate as the previous two quarters, and was in line with forecasts.

The spell of stability will reassure investors after China's markets and currency crises earlier this year sparked fears of a further slowdown.

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

Full year growth for 2016 is still likely to be weaker than last year's, which was already the slowest in 25 years.

And there are growing concerns that growth is being propped up by government spending and growing debt - with private investment tumbling to record lows.

"The general performance was better than expected," the National Bureau of Statistics said in a statement when releasing the data on Wednesday.

The figure is in line with Beijing's growth target of 6.5-7 per cent for the year.

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

This is despite government efforts to try and prevent more property bubbles - with some cities demanding bigger mortgage deposits or banning second homes.

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

China also plays an important 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.

- TM
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