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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. The economic grew 7.4% in the three months to the end of September compared with a year earlier, down from a 7.6% growth rate in the previous quarter.
That is down from 7.6% in the previous three months. However, other data released showed a jump in factory output, retail sales and investment in September.
As external demand remains weak, China may need to look at new monetary policy tools to boost domestic growth. Analysts said the data indicated that China's economy may be stabilising.
"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 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.
"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." Positive indicators
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.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.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. However, figures 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.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. Meanwhile, retail sales during the month were 14.2% higher than a year ago, indicating that domestic consumption was growing.
Analysts said the numbers were an indicator that China's growth, though slowing, was starting to stabilise. "The September data indicates economic momentum has picked up strongly compared with July and August," said Zhang Zhiwei, chief China economist at Nomura in Hong Kong.
"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. The latest numbers comes on the back of a 9.9% year-on-year growth in exports during September, a big jump from the 2.7% growth recorded in the previous month.
Mr Zhang added the data "helps reinforce our view that growth will rebound visibly in the fourth quarter".