China’s economic output rose 6.9 per cent in the third quarter of this year to register its weakest growth since the 2009 global financial crisis, the National Bureau of Statistics (NBS) has announced. The government has set seven per cent as the GDP target for this year.
The latest figure is marginally lower than the 7 per cent growth in the first half of the year even as declining exports continue to mount pressure on the Chinese economy.
In the first three quarters of the year, GDP hit 48.78 trillion yuan ($ 7.68 trillion) up 6.9 per cent year on year, according to the NBS.
This is the first time the quarterly growth rate had dropped below 7 per cent since the second quarter of 2009.
China’s exports growth dropped 7.9 per cent year on year in the first three quarters to 17.87 trillion yuan, according to the NBS.
During the first nine months, industrial output grew 6.2 per cent year on year and fixed-asset investment climbed 10.3 per cent. Property investment grew 2.6 per cent year on year, while retail sales of consumer goods rose 10.5 per cent.
As the exports continued to fall, Chinese economy is undergoing a painful transition from an export dependent economy to one based more on domestic consumption.
The economy suffered a series of shocks in the third quarter from extreme volatility of the Chinese stock market which at one time wiped out $ 3.2 trillion worth of capital triggering mass desertion of new investors.(SH)