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China's GDP grew by 6.9% in Q3

Thursday, Oct 19 2017
China's GDP grew by 6.9% in Q3

China reported third-quarter growth data Thursday that met expectations, but was a tad lower than the second quarter's 6.9 percent expansion. The country's National Bureau of Statistics said its third-quarter GDP growth was 6.8 percent compared to the same period last year, a day after President Xi Jinping made big promises for the country's economic future during a pivotal leadership meeting. Economists polled by Reuters had forecast China to post a modest drop from the second quarter, with GDP to have grown 6.8 percent in the July-September period due to the government's efforts to cool the property market and cut debt risks.

The total value added of the industrial enterprises above designated size in the first three quarters was up by 6.7 percent year-on-year in real terms, 0.7 percentage point higher than the same period last year. An analysis by types of ownership showed that the value added of state holding enterprises went up by 6.8 percent; collective enterprises up by 0.3 percent; share-holding enterprises up by 6.8 percent; and enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan up by 7.1 percent. In terms of sectors, the value added of mining industry was down by 1.6 percent year-on-year; manufacturing up by 7.3 percent and the production and supply of electricity, heat, gas and water up by 8.4 percent.

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