China slows down step by step at 7.4 per cent
19 Oct 2012 3:32 AM GMT
China's economy slowed for a seventh straight quarter in the July-September period, missing the government target of 7.5 per cent for the first time since the 2008 financial crisis, rising concerns over its impact in the domestic and global markets.
China's economy grew at 7.4 per cent year-on-year in the third quarter of 2012, slower from 7.6 per cent in the second quarter and 8.1 per cent in the first, the National Bureau of Statistics [NBS] said here on Thursday.
While the officials maintain that the 7.4 per cent is still a good growth rate compared to many developed economies in the world, the scale of decline of China's economic growth is worrying business. The NBS spokesperson Sheng Laiyun, however, says that the decline margin is shrinking. 'The GDP growth for Q3 this year is 0.2 per cent lower than Q2, but the margin of decline is 0.3 per cent smaller,' he said.
Early this year, Premier Wen Jiabao who would step down this year after a 10-year stint in power, has set a 7.5 per cent growth rate for the full year, which was regarded as a modest target.
Sheng said that China's GDP reached 35.35 trillion yuan [USD 5.61 trillion] in the first three quarters of this year. 'The GDP grew at 7.7 per cent in the first three quarters, and the economy is generally stable,' he said.
China's economy grew at 7.4 per cent year-on-year in the third quarter of 2012, slower from 7.6 per cent in the second quarter and 8.1 per cent in the first, the National Bureau of Statistics [NBS] said here on Thursday.
While the officials maintain that the 7.4 per cent is still a good growth rate compared to many developed economies in the world, the scale of decline of China's economic growth is worrying business. The NBS spokesperson Sheng Laiyun, however, says that the decline margin is shrinking. 'The GDP growth for Q3 this year is 0.2 per cent lower than Q2, but the margin of decline is 0.3 per cent smaller,' he said.
Early this year, Premier Wen Jiabao who would step down this year after a 10-year stint in power, has set a 7.5 per cent growth rate for the full year, which was regarded as a modest target.
Sheng said that China's GDP reached 35.35 trillion yuan [USD 5.61 trillion] in the first three quarters of this year. 'The GDP grew at 7.7 per cent in the first three quarters, and the economy is generally stable,' he said.
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