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China GDP growth moderates to a six-year low
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CHINA'S economic growth in the third quarter beat market expectations by growing 6.9 percent, although it moderated to the slowest level in six years, data from the National Bureau of Statistics showed today.
The country's gross domestic product thus amounted to 48.77 trillion yuan (US$7.7 trillion) in the first three quarters, up 6.9 percent year on year.
Sheng Laiyun, a spokesman with the bureau, said China's economic fundamentals remained stable albeit the growth rate slowed.
"China's economic growth still moved within a reasonable range, in line with the government target," Sheng said. "Besides, the employment and people's income growth expanded faster than expected, while the service sector also outperformed the overall growth, indicating an optimized economic structure."
China has set the growth target at around 7 percent for this year, lowered from the previous goal of 7.5 percent after the Chinese authorities proclaimed the "new normal" of a bit slower expansion but with higher quality under deepening reforms.
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