China GDP Climbs 1.7% In Q3


China will report its GDP figures for the third quarter today.

Asia's largest economy saw its gross domestic product grow by 6.8% year-on-year during the third quarter, according to the National Bureau of Statistics, as expected by economists. Despite the slight decrease in economic growth, China remains well on track to meet its annual target of 6.5%. Economists in the pol forecast a 7.8% gain.

But most China watchers expect activity will slow in coming months as higher financing costs and measures to cool the heated property market start to weigh on activity.

At the same time, there are concerns about the state's growing role in the economy: the acceleration in year-on-year state investment growth outstripped private investment growth in September.

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The data were released a day after the ruling party's general secretary, Xi Jinping, pledged to deepen economic reform at the party's national congress, which is held every five years.

In a nutshell, bank lending and rise in trade has helped offset debt and the attempted containment of the housing bubble that China is now experiencing. The pace was also 0.7 percentage point lower than the same period of 2016.

That was in line with forecasts and down from 1.8 percent in the second quarter.

Analysts had expected third quarter GDP would grow 1.7 percent on a quarterly basis.

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Growth in China's fixed-asset investment (FAI) continued to ease in the first nine months of the year, data showed Thursday.

Retail sales expanded 10.3% in September from a year earlier, accelerating from a 10.1% increase in August.

The slowdown projected by analysts, however, is at odds with central bank governor Zhou Xiaochuan's comment earlier this week that the economy could grow 7 per cent in the second half of the year, versus 6.9 per cent in the first six months, raising the prospect of an upside surprise in the official numbers.

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