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| China growth pace slows as global economy stays fragile | China growth pace slows as global economy stays fragile |
| (35 minutes later) | |
| China's economic growth slowed further in the third quarter as the European debt crisis and a weak recovery in the US economy hurt demand for its goods. | China's economic growth slowed further in the third quarter as the European debt crisis and a weak recovery in the US economy hurt demand for its goods. |
| Growth was 7.4% in the three months to the end of September, from a year earlier. | Growth was 7.4% in the three months to the end of September, from a year earlier. |
| That is down from 7.6% in the previous three months. | That is down from 7.6% in the previous three months. |
| As external demand remains weak, China may need to look at new monetary policy tools to boost domestic growth. | |
| "We don't think there is going to be a dramatic bounce back in China's economy going forward," Tony Nash, managing director at IHS Global Insight told the BBC. | "We don't think there is going to be a dramatic bounce back in China's economy going forward," Tony Nash, managing director at IHS Global Insight told the BBC. |
| "There has been a fair bit of stimulus activity that has been announced in recent months and that trend is likely to continue in the near term." | "There has been a fair bit of stimulus activity that has been announced in recent months and that trend is likely to continue in the near term." |
| Bottoming out? | |
| China's growth over the past few years has been led by the success of its export and manufacturing sector, as well as by a credit-fuelled investment boom in the country. | |
| But demand for its exports has slowed from key markets lately, leading to fears of a sharp slowdown in its economy. | |
| However, economic data released on Thursday indicated that things may be starting to pick up again. | |
| China's industrial production rose by a more-than-expected 9.2% in September from a year earlier. That was up from 8.9% growth in August. | |
| Last week, Beijing reported that exports in September grew 9.9% year-on-year, a big jump from the 2.7% growth recorded in the previous month. | |
| Analysts said the numbers were an indicator that China's growth, though slowing, was starting to stabilise. | |
| "We think that with rebounding property markets, stabilising export orders and resuming consumption, we probably have seen the bottom [for] the economy," said Dong Tao an economist with Credit Suisse in Hong Kong. |