China\'s overall economy grows at a steady rate of 6.7% annually

Published On:October 19, 2016, 11:50 am

According to the government data, China’s economy is rising at a steady speed with an annual rate of 6.7% in the three months to September. The figures displayed were at the same rate as the former two quarters and was in tune with forecasts.

This significance of stability will assure the market investors after China’s currency and markets’ crisis situation which it faced initially this year and had actuated concerns of a further slowdown. Moreover, China’s economical functioning and overall performance has considerably had a huge unforeseen impact around the world.

The complete yearly growth rate for 2016 is yet very likely to be feeble as compared to last year, which was as it is the slowest in 25 years. Furthermore, there rising worries that the probably growth is being shored up by the respective government’s expenditure and growing debt with private ventures sinking to record lows.

Construction Roar

While releasing the data, the National Bureau of Statistics mentioned in a statement on Wednesday, "The general performance was better than expected." The derived figures are at par with Beijing’s growth rate of 6.5% to 7% for each year.

This year China’s owes its economic growth rate to the boom in the real estate sector. In fact on Wednesday, an individual data was released which had statistical information showing that investment in the property segment increased by 5.8% in between January and September with overall sales escalating by almost 72%.

And this expansion is regardless of the efforts taken by the government to try and avoid further ripples in the property segment – with a few cities opting for larger mortgage deposits and/or banning second homes.

Across the globe, China is the world’s second largest economy and also the second-biggest importer of both commercial services and goods. This country also plays a critical role as a vendee of oil and several other commodities. Therefore, its slowdown in the growth rate has been a factor in the decay in prices of those purchased goods.

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