Aruba, November 28 2011 - China's GDP expanded 9.1 percent year-on-year in the third quarter of the year, marking the slowest pace since the third quarter of 2009.
The growth rate was down from 9.5 percent in the second quarter of this year and 9.7 percent in the first quarter, the National Bureau of Statistics (NBS) said Tuesday.
The slowdown was a desired outcome of China's macro-economic regulations as the government continued its efforts in curbing soaring property prices, reining in inflation and regulating local government financing vehicles, said Lian Ping, the chief economist with Bank of Communications.
Lian expected the country's GDP growth to remain above 9 percent this year.
China's economy expanded 2.3 percent on a quarterly basis in the July-September period, NBS spokesman Sheng Laiyun said at a press conference. According to preliminary statistics, the country's GDP reached 32.07 trillion yuan (5.01 trillion U.S. dollars) in the first nine months, up 9.4 percent year-on-year, Sheng said.
He noted the country's economic performance was "generally good" and had developed according to macro-economic regulations in the first nine months. Despite challenges and uncertainties both at home and abroad, it is likely that China's economy would maintain its stable and relatively fast growth in the coming period, boosted by a strong growth momentum, Sheng said.
He said there was an obvious trend of the country's economic development shifting from a stimulus policy-driven growth to a self-initiated mode.
Industrial value-added output rose 13.8 percent year-on-year in September, up from the 13.5 percent growth in August. Fixed assets investment rose 24.9 percent year-on-year in the first nine months, compared with a 25-percent gain in the January-August period.
In September, the country's retail sales expanded 17.7 percent from a year earlier, following an increase of 17 percent in August. Sheng said the country's consumer price increase had been "preliminarily contained" as the growth of the consumer price index (CPI), a main gauge of inflation, had fallen for two consecutive months. It is quite likely that consumer price increase would continue to ease in the last quarter of the year, he said.
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