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GDP expands 7.7% reflecting domestic stimulus

China's gross domestic product expanded 7.7 percent year on year in the first three quarters to 21.7 trillion yuan (US$3.2 trillion), consolidating a foundation for the country to achieve its goal of 8 percent growth for the whole year.

GDP in the third quarter gained 8.9 percent on an annual basis, advancing from increases of 6.1 percent from January-March period and 7.9 percent in the second quarter.

"It shows a healthy expanding momentum of China's economic development," Li Xiaochao, spokesman of the National Bureau of Statistics, said today in Beijing. "Increasing domestic demand has played a key role to lead China out of an economic slowdown caused by the global financial crisis."

In the first three quarters, China's fixed-asset investment swelled 33.4 percent from a year earlier to 15.5 trillion yuan, up 6.4 percent from the same period of last year.

Retail sales accelerated 15.1 percent from January to September, up 2.8 percent from a year ago, thanks to strong growth in the catering industry and sales of vehicles and household appliances.

According to the bureau, investment and domestic consumption contributed 7.3 and 4 percent respectively to the country's 7.7 percent growth in the first three quarters, compensating for the negative influence from declining exports.


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