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China's Q3 GDP meets expectations at stable 6.7%

Reporter: Yang Chengxi 丨 CCTV.com

10-20-2016 00:23 BJT

China's economy grew 6.7 percent in the third quarter from a year earlier. The number is steady from the previous quarter and in line with market expectations.

The Chinese government has set a growth target of 6.5-7 percent for 2016, and judging by the first three quarters, the country is in line to meet this goal. 

The economy had a quarterly growth of 1.8 percent in the third quarter. The speed is in line with what many economists had in mind. The brightest spot had been the performance of industries. Industrial profit grew stable at 6 percent year on year in Q3, and profits grew at a speed faster than the first half.

"I think the most impressive sign in the third quarter had been an uptick in industrial profit. Commodities prices rebounded and the producer price index had returned from negative to positive growth. A pick up in real estate sales had also helped shore up demands for industries," said Chen Daofu, Deputy Director of Finance Research Center, DRC.

The country's economic transition continues. The percentage of the services sector rose 1.6 percentage points to 52.8 percent of the total GDP in the first three quarters. Consumer spending had contributed to 71 percent of growth, that's 13 percentage points higher compared to last year. Experts say the consumer sector is now one of the most powerful growth engines.

Overall we've reached our growth objective in the first three quarters. We are seeing good numbers in sectors like elderly care, healthcare, and tourism," said Liu Yuanchun, Deputy Dean of School of Economics, Renmin University.

What's helping the growth of consumption is rising wages. Average disposable income nationwide grew 8.4 percent year on year, while overall prices had a mild growth of 2 percent during the third quarter.

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