China’s economy grows 11.5 percent in first nine months

26 October 2007

Beijing, China, 26 Oct – The Chinese economy grew 11.5 percent in the first nine months of 2007, against the same period of 2006, figures from the Chinese Institute of Statistics showed.

Industrial production rose 18.5 percent in the first nine months – in September alone it rose 18.9 percent – due mainly to growth in exports.

These figures increased the country’s trade surplus further to US$185.7 billion at the end of September.

At the end of the nine months inflation stood at 4.1 percent, after the 6.2 percent posted in September, according to the Statistics Institute.

Fixed capital investment, one of the biggest sources of growth for the Chinese economy, rose 25.7 percent from January to September, after growing by 25.9 percent in the first half.

Despite a rapid rate of growth, which will make China the world’s third largest economy at the end of 2007, the Chinese government has said it considers the measures it has implemented to cool the economy are having an effect.

“The national economy remains stable and in rapid growth and the effect of macro-control policies are beginning to show,” said Li Xiaochao, the spokesperson for the Statistics Institute. (macauhub)