CCTV-News / CNTV
Q3 GDP up 7.4%, slowest...
October 19, 2012
China Q3 GDP up 7.4%, slowest since 2009
10-19-2012 10:43 BJT Special Report:China's Economic Data
China's economy slowed for a seventh straight quarter in the July-September period, missing the government's target of 7.5 percent for the first time since the worst of the global financial crisis more than 4 years ago.
According to figures released Thursday morning by China’s statistics agency, the country’s gross domestic product, grew 7.4 percent in the third quarter compared with a year ago, which leaves ample room for the government to unveil more economic supporting policies.
But the statistics agency said China’s economy is gradually stabilizing, and the extent of the economic slowdown is shrinking.
According to the National Bureau of Statistics, China’s GDP grew by 7.4 percent in the third quarter, the first time it missed an official target since the first quarter of 2009, when it grew only 6.5 percent.
However, Sheng Laiyun, a spokesman from China’s statistics agency, says that the decline margin has shrunk.
Sheng Laiyun, spokesman for National Bureau of Statistic, said. "The GDP growth for Q3 is 0.2% lower than Q2, but the margin of decline is 0.3% smaller."
The government is targeting a 7.5 percent growth rate for the full year, which was reduced earlier in 2012 from the previous 8 percent mark.
While a GDP growth rate of 7.4 percent would be cause for celebration in recession-hit economies, it’s little comfort to firms and funds that have invested in China, who have grown accustomed to seeing expansion above 9 percent, only to see it tumble towards 7 percent in a matter of months.
But here’s the statistics agency’s forecast for the economic climate in the upcoming quarter.
Sheng said, "We are fully confident that we can achieve the 7.5% growth target for the whole year, since the previous 3 quarters have laid a solid foundation."
Some analysts believe that the weaker-than-expected economic figure will give the government ample room to unveil further interest rate reductions or cuts on deposits that banks must keep as reserves. But opponents argue that China’s September export and credit data show that measures rolled out by the government to support the economy has taken effect, so it’s likely that China might put more financial policy easing on hold.
Chinese Premier Wen Jiabao reassured Wednesday that the government was confident of achieving its 7.5 percent target for the full year. And even as China’s economy stablizes, it will not relax restrictions on the housing market.
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CCTV-News / CNTV
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