Finance sector posts slower climb in Q3
Print Edition
China’s financial sector rose slower in the third quarter amid volatile stock and foreign exchange markets but was still the fastest growing sector in the country, official data showed yesterday.
Financial services rose 16.1 percent year on year in the third quarter to 1.4 trillion yuan (US$220 billion), about a tenth of China’s total gross domestic product in the third quarter, the National Bureau of Statistics said.
The growth compared with a 6.9 percent third-quarter GDP expansion the bureau announced on Monday.
Finance remained the fastest growing sector among nine categories the bureau uses to calculate China’s GDP. They are agriculture, industrial, construction, retail and wholesale, transport, hotels and restaurants, finance, real estate, and other services.
But the financial growth in the third quarter was slower than the overall gain of 17 percent over three quarters, as economists have warned about the impact of stock market tumble on weaker financial industry growth.
After surging in the first half of this year, the Shanghai Composite Index fell 29 percent in the third quarter.
The industrial sector remained the biggest contributor to China’s GDP at 5.75 trillion yuan, but rose 5.8 percent to weigh on the overall growth rate.
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