Economic news

China's economy decelerates in the third quarter as predicted

China’s economy in the July-September period shows a bit of a deceleration, which is in line with the forecasts, as the state is eager to control housing market and debt that may lead to subdued activity in the globe’s number two economy.

Today the National Bureau of Statistics reported that China’s economy advanced by 6.8% in the third quarter year-on-year, which coincides with the average figure in a poll by Reuters, though it’s a little slip from the second quarter reading of 6.9%.

Overall economy is growing steadily and will likely outdo the official target of about 6.5% for 2017. Although the figures matched analysts’ predictions, they cause uncertainty about the more upbeat expectations expressed by China’s central bank official recently.

Zhou Xiaochuan, the bank’s governor, said that GDP could move up 7% in the second six months of 2017. Experts expect GDP growth to softly decelerate regarding the prospects of housing investment and building decrease because many cities make efforts to hold back leaping home prices, and the government initiative trying to counter riskier lending, which boosts cost of borrowing.


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