China’s Economy Grew by 9.4% in Q3

The world is waiting for the Chinese economy to go all Refco on us, but that doesn’t look like it’s going to happen any time soon. For the third quarter, China’s economy grew by 9.4%. In the second quarter, the economy grew by 9.5%. China now has 300,000 millionaires.
The economy is expected to slow down next year to just 9.1% growth from the 9.4% rate for this year.

The Chinese economy, which accounted for a 10th of global growth in 2004, has defied expectations for a slowdown in the past year as demand for cell phones, restaurant meals and travel surged. Premier Wen Jiabao is seeking to channel more investment into the nation’s power and transport networks, where capacity hasn’t kept pace with overall economic activity.
Fixed-asset investment, which accounts for more than a third of China’s economy, increased 26.1 percent to 5.71 trillion yuan ($704 billion) in the nine-month period after first-half growth of 25.4 percent, the statistics bureau said. Industrial output rose 16.3 percent, after gaining 16.4 percent in the first half.

Posted by on October 20th, 2005 at 7:14 am


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