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GDP expands 7.7% reflecting domestic stimulus
By Wang Yanlin |
October 22, 2009, Thursday
|
Online Edition
Online Edition
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.
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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