Economists say the growth rate in the third quarter is fast but acceptable
The mainland's economy continued to expand at a fast pace in the third quarter of the year, fuelled by strong investment and private consumption, according to the National Bureau of Statistics.
A 9.4 per cent year-on-year growth in gross domestic product from July to September marked the ninth-consecutive quarterly increase of more than 9 per cent, and followed growth of 9.4 per cent in first quarter and 9.5 per cent in the second quarter, the bureau said yesterday.
The third-quarter data also took year-on-year growth for the first three quarters of the year to 9.4 per cent.
Economists said the growth rate was fast but acceptable. Zhao Xijun , a professor of economics at Renmin University, said rapid growth in capital investment and private consumption was behind the robust GDP growth because export growth was slowing down. Investment, consumption and exports are seen as the three main engines fuelling the world's fastest-growing major economy.
Yu Song, an economist with Goldman Sachs's Asia research group, said the growth rate was within expectations, although at the fast end of the scale. The US investment bank raised its growth forecast for this year to 9.4 per cent yesterday, up from 9.2 per cent. It raised its forecast for next year to 9 per cent, up from 8.5 per cent.
