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Chinese growth slows

Chinese growth slows
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China’s economic expansion slowed in the third quarter to its weakest pace in more than two years as it feels the knock-on effect of the euro zone’s debt problems and a sluggish US economy.

Between July and September, GDP grew by 9.1 percent from a year earlier, the third consecutive quarterly slowdown in growth after 9.5 percent in the second quarter and 9.7 percent in the first quarter.

Sheng Laiyun of China’s National Bureau of Statistics said: “The complexity of the international economic environment and the difficulties facing economic recovery are increasing. But looking at the momentum of economic growth, in the next phase, the possibility of China’s macroeconomic situation maintaining stable and relatively fast development is relatively great.”

Showing the state of the world economy are the export figures from China. In September exports growth to the euro zone, its biggest market, more than halved from August.

But the government figures also showed healthy domestic demand which makes it unlikely the Beijing government will cut interest rates any time soon.