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

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

Policy Pulse
Publish Date: Oct 19 2016 2:09PM | Updated Date: Oct 19 2016 2:09PM

China's economy grows steadily at annual rate of 6.7%
China's economy grew at an annual rate of 6.7% in the three months to September, government data showed, a sign that growth is stabilising. 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. "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% for the year.
 
While fears of a hard landing have eased this year, recent data also have highlighted growing imbalances in the world's second-largest economy, with growth increasingly dependent on government spending and ballooning debt as private investment tumbles to record lows.
 
Gross domestic product (GDP) rose 1.8 percent quarter-on-quarter, the National Bureau of Statistics said on Wednesday, in line with market forecasts and compared with revised 1.9 percent quarterly growth in the second quarter.
 
The government has set a growth target of 6.5-7 percent for the full year. The economy expanded 6.9 percent in 2015, the slowest pace in a quarter of a century.
 
The statistics bureau said in a statement that many uncertain factors in the economy remain and that the foundation for sustained growth is not solid.