China grows steadily at 6.7% on govt spending, realty mkt
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 on Wednesday. "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 ($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.