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October 23, 2009

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Home » Business » Economy

Hope rises as Chinese GDP jumps 8.9% in Q3

CHINA'S gross domestic product rose 8.9 percent in the third quarter compared with a year earlier, consolidating a foundation that may make it possible for the country to reach its 8 percent growth goal set for all of 2009.

The figure advanced from increases of 6.1 percent in the January-March period and 7.9 percent in the second quarter. GDP over the first three quarters jumped 7.7 percent year on year to 21.7 trillion yuan (US$3.2 trillion).

"China's economic development is on the recovery track and shows healthy momentum," Li Xiaochao, spokesman for the National Bureau of Statistics, said yesterday in Beijing.

"Domestic demand is increasing steadily and has played a key role in stabilizing the country's economy, which has been disturbed by the global financial crisis."

Li Maoyu, an analyst at Changjiang Securities Co, said the results were largely in line with his estimate of 9 percent growth in the third quarter.

"China has embarked on a recovery thanks to its 4 trillion yuan stimulus package and loose monetary policy," Li said.

Other economic performance figures released yesterday by the national statistics bureau supported an optimistic outlook.

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

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

Investment and domestic consumption contributed 7.3 percentage points and 4 percentage points, respectively, to the country's GDP growth in the first three quarters, balancing against the negative influence of declining exports.

China's exports fell an annualized 15.2 percent to US$115.9 billion last month, reflecting weak external demand. But it was the smallest drop this year and beat the consensus forecast of a 21 percent contraction.

To reinforce the economic recovery, China will continue to carry out its "proactive fiscal policy and relatively easy monetary policy," Premier Wen Jiabao said on Wednesday at a Cabinet meeting.


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