Economy

China's economy grew 6.8% in the 3rd quarter

China's economy grew 6.8% in the 3rd quarter”

The data is expected to show 6.8% economic growth this quarter, which is down slightly from the 6.9% of the previous period.

China's economy grew at a 6.8% pace in the third quarter, matching expectations and showing the resilience of the world's second largest economy.

Retail sales were up 10.3 percent on year, beating expectations for 10.2 percent and up from 10.1 percent in the previous month. Chinese headline inflation was held down in September by pass through from the stronger yuan, which made imported pork feed cheaper in yuan terms, lowering the price of pork, which fell 12.4 percent from a year earlier in September.

Infrastructure investment, which accounts for more than 20 percent of total FAI, surged 19.8 percent year on year during the period.

Economists in the poll estimated GDP grew 1.7 per cent quarter-on-quarter, unchanged from the second-quarter, though only 18 analysts gave sequential forecasts.

On Wednesday, China opened its Communist Party congress, with Mr. Xi saying: "China's economy has been transitioning from a phase of rapid growth to a stage of high-quality development". The central bank in late September cut the amount of cash that some banks must hold as reserves (RRR) for the first time since February 2016.

The economy remains on track to meet the government's growth target of about 6.5% this year.

"The Chinese economy has maintained steady growth with a positive outlook in the first three quarters", state-run Xinhua news agency reported.

China's economy continued its firm growth in the first three quarters of this year, with gross domestic product expanding 6.9 per cent year on year to about Dollars 8.96 trillion, official data showed on Thursday.



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