Analysts polled by AFP predicted an average 4.3 per cent on-year growth in China's economy during the third quarter. BEIJING: China's economy grew at a faster-than-expected clip in the third quarter, while consumption and industrial activity in September also surprised on the upside, suggesting the recent
On a quarter-by-quarter basis, GDP grew 1.3 per cent in the third quarter, accelerating from a revised 0.5 per cent in the second quarter and above the forecast for growth of 1.0 per cent. Beijing has in recent weeks unveiled a raft of measures, but its ability to spur growth has been hamstrung by fears over debt risks and a fragile yuan, which has been hit hard this year due to widening yield differentials as global interest rates remain elevated, led by the Federal Reserve's tightening campaign.
"The focus of the government and the market will shift to the growth outlook for next year. The key issue is what growth target the government will set and how much fiscal easing will take place." Growth of retail sales, a gauge of consumption, also beat expectations, rising 5.5 per cent last month, and accelerating from a 4.6 per cent increase in August. Analysts had expected retail sales to expand 4.9 per cent.
"In the grand scheme of things, I don’t think individual developers running into further financial turbulence will be enough to derail things. The problems of the developers have been known to the market for some while now," said Frederic Neumann, chief Asia economist and co-head of Global Research at HSBC.
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