China's Q3 economic growth slows down
Updated:8 years ago
China, Oct 19 (ANI): As expected, China's rocketing growth rate has slowed down a bit, at least for this quarter. Beijing reporting a 6.8 percent rise for Q3 on Thursday. That's in line with government targets, but down a fraction from the previous three months, due to moves to cool the property market and cut debt risks. The reading comes in the midst of China's key Communist Party congress, where President Xi Jinping revealed big plans for the country's economic future, promising to deepen financial reforms and further open its markets to foreign investors. Beijing has a slightly more modest growth target of around 6.5 percent for 2017, which could offer more room for reforms, after growth hit its weakest pace in over 2 decades last year. Analysts expect a gradual GDP slowdown for China. But for now, overall activity is still going strong, as better-than-expected growth in trade and bank lending help prop up the world's second largest economy.
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