THE CHINESE economy, increasingly seen as the saviour of global economic well-being, grew by a less-than-expected 9.1 per cent in the third quarter, prompting fears the world’s second largest economy may badly suffer the effects of slowdown in the US and Europe’s debt crisis.
China’s GDP grew 9.1 per cent in the three months to the end of September from a year earlier, down from 9.5 per cent in the previous quarter.
Even though the growth rate is high compared to the rest of the world, this marks a significant slowdown from the double-digit percentage growth rates of the last three decades and shows how government measures to control inflation are stifling growth.
“The national economy generally carried good development state and kept moving towards the expected direction of macroeconomic control,” the National Bureau of Statistics said in a statement. Analysts remained positive that China would not experience a “hard landing” that could shudder the global economy.
Brian Jackson of RBC Bank said the data showed China was “continuing to slow at a gradual pace”.
“This slowdown in China primarily reflects the impact of domestic policy tightening measures put in place over the last 12-18 months as part of Beijing’s efforts to curb price pressures,” Mr Jackson said.
“So far, there remains little sign that China is about to experience a hard landing as severe as that seen three years ago.”
