ASIAdocument.write(“” + m[today.getMonth()+1]+ ” “+ today.getDate()+”, ” + theYear + ” “);HOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperChina Daily Global PDFChina Daily Global E-paperBusiness /ViewEconomyPolicy WatchChina DataCompaniesMarketsIndustriesViewMotoringTechGreen ChinaRestructuring while maintaining high growthBy Wu Jiangang( 10:34Comments Print Mail Large Medium SmallA female Chinese worker sews clothes at a garment factory in Huaibei city, East Chinas Anhui province, June 1, 2015. [Photo/IC]The growth rate of China GDP fell to 6.9 percent in third quarter of this year, which may cause concern, since it is the weakest since 2009 and less than the targeted seven percent for the whole year, but it is not worth worrying about.The truth is that China is successfully restructuring economy while maintaining a high growth.Considering the current huge size of its economy, the 6.9 percent is still very high. Though it is lower than the targeted seven percent growth rate, the 0.1 percent difference is very subtle. And, the government has said that seven percent is not really an exact estimation and a difference around 0.5 percent can be regarded as normal.However, although GDP may be regarded as the king of economic statistics and it neatly sums up production and output into one number, what it includes and excludes, which is more important to decode the reality, is often ignored.With a close look at the economy, we may find that the slight fluctuation is caused by some temporary impacts while a transition to new mode of growth is keeping undergoing.We may recall that the third quarter has experienced a sharp decline in the stock market. Its impact on economy is complex, but it surely affects the growth of financial industry and domestic demand.Another influence comes from the weak external demand, since the world economic recovery is less than expected. The export growth rate declines 4.6 percentage points compared to that in the second quarter.Despite these negative factors, the pace of economic restructuring does not slow down.On the one hand, the traditional industries, which depend on government investments and have accumulated excess production capacity, are experiencing a slowdown in the growth rate of both production and investment.The growth rate in the traditional industries of the resource extraction industry, heavy industry, processing and manufacturing decreased. We find that the crude steel production fell 2.1 percent and cement production fell 4.7 percent for the third quarter.The fixed asset investment growth rate declines, too. The growth rate from January to September rose only 10.3 percent, down 1.1 percentage points compared with the first half year.On the other hand, a new and healthier growth pattern is also gathering strength.The contribution of consumption to GDP growth was 58.4 percent, with an increase of 9.3 percent compared with the same period of last year.Previous Page1 2 Next PagePrevious Page1 2 Next Page8.03KRelated StoriesGrowth slows but service sector shinesEconomic rebalancing seen amid weak growth6% growth over the next five years will be impressive, WB expert saysFundamentals of Chinas economy unchanged despite slowdownUnemployment rises in SeptemberPhoto10 replicas of foreign sites in ChinaTop 10 lemons in the Chinese auto market 2015They live in Russia, but shop in ChinaTop 10 multinationals with green supply chains in ChinaThe 12th Five-Year Plan by numbersGirl with a sand painting dreamChina Economy By NumbersChina Economy by Numbers – Dec China Economy by Numbers – Nov NewsmakerTop executive of Infor has head in the cloud Zwilling stays at cutting edge of the kitchenware industryMost ViewedTodays Top NewsPension funds ready to enter stock market in 2016China-Singapore Suzhou Industrial Park targets new reformsChinas Belt and Road Initiative offers unprecedented chances in AsiaYuan usage in S. Koreas trade settlement hits record high in Q3ZTE launches new smartphone in CanadaBeijing relaxes foreign investment rules10 replicas of foreign sites in ChinaLeTV to spread its wings in India with smartphones, TVs and cloud computingHot TopicsFiat SpA Peugeot SA Taxi app Internet finance Housing price Disneyland WeChatEditors PicksTop 8 Chinese companies investing in UK real estate Top 10 degrees that provide highest paid jobs in UK Top 19 Chinese CEOs accompanying Xi to UK Top 10 most expensive cities Specials2015 Beijing Forum for Emerging MarketsChina-ASEAN Information Harbor ForumSummer Davos 2015…| About China Daily | Advertise on Site | Contact Us | Job Offer | Expat Employment |Copyright 1995 -var oTime = new Date();
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