China’s GDP falls to two-year lowOctober 19th, 2011 - 7:49 am ICT by IANS
Beijing, Oct 19 (IANS) China’s GDP expanded by 9.1 percent year-on-year in the third quarter of 2011, marking the slowest pace since the third quarter of 2009, the National Bureau of Statistics (NBS) said Tuesday.
The growth rate was down from 9.5 percent in the second quarter of this year and 9.7 percent in the first quarter, China Daily reported quoting the NBS.
The slowdown was a desired outcome of China’s macro-economic regulations as the government continued its efforts to curb soaring property prices and rein in inflation, said Lian Ping, chief economist with the Bank of Communications.
China’s economy expanded by 2.3 percent on a quarterly basis in the July-September period, NBS spokesman Sheng Laiyun said at a press conference.
According to preliminary statistics, the country’s GDP reached 32.07 trillion yuan ($5.01 trillion) in the first nine months, up 9.4 percent year-on-year, Sheng said.
He noted the country’s economic performance was “generally good” and had developed according to macro-economic regulations in the first nine months.
Despite challenges and uncertainties both at home and abroad, it is likely that China’s economy would maintain its stable and relatively fast growth in the coming period, boosted by a strong growth momentum, the newspaper quoted Sheng as saying.
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Tags: bank of communications, beijing, bureau of statistics, chief economist, china daily, desired outcome, economic performance, economic regulations, first nine months, first quarter, gdp, growth momentum, inflation, national bureau of statistics, nbs, quarterly basis, second quarter, slowdown, trillion, yuan