China's economic growth eased for the seventh straight quarter, but there have been positive economic indicators for September have shown that China's economy is stabilizing and the slowdown has almost bottomed out.
China's economy has slowed for the seventh straight quarter, growing 7.4 percent year-on-year in the third quarter of 2012, the National Bureau of Statistics (NBS) announced Thursday.
Despite the growth slide, NBS spokesman Sheng Laiyun said the economy has been stabilizing, especially since September, as a slew of evidence backed this, citing the trade rebound and other major economic data.
NBS data showed industrial output expanded 9.2 percent year-on-year in September, up 0.3 percentage point from August. Retail sales shot up 14.2 percent over the same period last year, and the growth rate of fixed-asset investment in the first nine months of 2012 accelerated by 0.1 percentage point compared with the rate in the first half of the year.
The purchasing managers' index (PMI) rebounded to 49.8 percent in September from 49.2 percent in August and exports rose to a record monthly high of 9.9 percent year on year to 186.35 billion U.S. dollars.
The data echoed Premier Wen Jiabao's remarks during recent talks on economic conditions. Premier Wen said China's economic growth has started to stabilize and shown positive changes. China's economy will continue to stabilize as government policies get further implemented, Wen said, expressing confidence that China can meet its official growth target of 7.5 percent for the year.
Analysts said although the growth in the third quarter still slowed, the pace was small and some indicators even increased at a faster speed, indicating China’s economy is not at risk of hard landing.
Challenged by a sluggish external market and global economic woes, China lowered its full-year growth target for 2012 to 7.5 percent in early March.
The government has quickened the process of export tax rebates as one of the measures to stabilize trade. It has also approved a raft of investment projects to shore up growth. The central bank has lowered both banks' reserve requirement ratio and interest rates twice this year in a bid to buoy the slowing economy.
World Bank predicted China’s growth rate will slow to 7.7 percent this year and but will move back to 8.1 percent in 2013 -- a small risk of "hard landing".
Despite positive changes, China’s economic growth still faces challenging external environment as it is difficult to expand external demand, with lingering world financial crisis, chronic European debt crisis, sluggish American growth and lackluster growth of emerging markets.
Premier Wen said China still faces considerable difficulty in the last quarter, but the government is confident to achieve the full-year economic and social development goals through hard work and efforts.
China's inflation eased to 1.9 percent in September from 2 percent in August. Reported by Proactive Investors 9 minutes ago.
China's economy has slowed for the seventh straight quarter, growing 7.4 percent year-on-year in the third quarter of 2012, the National Bureau of Statistics (NBS) announced Thursday.
Despite the growth slide, NBS spokesman Sheng Laiyun said the economy has been stabilizing, especially since September, as a slew of evidence backed this, citing the trade rebound and other major economic data.
NBS data showed industrial output expanded 9.2 percent year-on-year in September, up 0.3 percentage point from August. Retail sales shot up 14.2 percent over the same period last year, and the growth rate of fixed-asset investment in the first nine months of 2012 accelerated by 0.1 percentage point compared with the rate in the first half of the year.
The purchasing managers' index (PMI) rebounded to 49.8 percent in September from 49.2 percent in August and exports rose to a record monthly high of 9.9 percent year on year to 186.35 billion U.S. dollars.
The data echoed Premier Wen Jiabao's remarks during recent talks on economic conditions. Premier Wen said China's economic growth has started to stabilize and shown positive changes. China's economy will continue to stabilize as government policies get further implemented, Wen said, expressing confidence that China can meet its official growth target of 7.5 percent for the year.
Analysts said although the growth in the third quarter still slowed, the pace was small and some indicators even increased at a faster speed, indicating China’s economy is not at risk of hard landing.
Challenged by a sluggish external market and global economic woes, China lowered its full-year growth target for 2012 to 7.5 percent in early March.
The government has quickened the process of export tax rebates as one of the measures to stabilize trade. It has also approved a raft of investment projects to shore up growth. The central bank has lowered both banks' reserve requirement ratio and interest rates twice this year in a bid to buoy the slowing economy.
World Bank predicted China’s growth rate will slow to 7.7 percent this year and but will move back to 8.1 percent in 2013 -- a small risk of "hard landing".
Despite positive changes, China’s economic growth still faces challenging external environment as it is difficult to expand external demand, with lingering world financial crisis, chronic European debt crisis, sluggish American growth and lackluster growth of emerging markets.
Premier Wen said China still faces considerable difficulty in the last quarter, but the government is confident to achieve the full-year economic and social development goals through hard work and efforts.
China's inflation eased to 1.9 percent in September from 2 percent in August. Reported by Proactive Investors 9 minutes ago.