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China's Q3 GDP growth accelerates to 7.8%

Updated: 2013-10-18 10:07
( Xinhua)

"It must be clarified that the country's economy is moving towards steady growth, rather than a new rising trend," Zhang said.

Zhang said growth in the final quarter of the year might see a slight drop from this quarter, and it would be normal to see a growth between 7 to 8 percent.

Liu Shucheng, an expert with the Chinese Academy of Social Sciences, echoed Zhang's views, saying that the momentum for a continued rebound in the final quarter is not going to be very strong.

The rebound in the third quarter was mainly driven by strong industrial output growth in July and August, as the production growth in September came down, according to Liu.

NBS data showed China's industrial production rose 10.2 percent year on year in September, down from August's 10.4-percent increase.

"The endogenous impetus of China's growth is still relatively weak at present, as demand at home and abroad is flagging," Liu said.

Liu forecast GDP growth in the last quarter dropping to 7.6 percent and growth for the whole year between 7.6 and 7.7 percent.

Kuang Xianming, head of the economic research center with the China Institute for Reform and Development, is more optimistic, citing rising quarter-on-quarter GDP growth in the first three quarters.

GDP grew by 2.2 percent in the third quarter over the second quarter, up from a quarter-on-quarter growth of 1.7 percent in the second quarter and 1.6 percent in the first.

The accelerating quarter-on-quarter growth shows the economy has stabilized, and may grow at 7.9 to 8 percent for the whole year, Kuang said.

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