Beijing---China’s gross domestic product (GDP) grew 8.9 percent in the third quarter, while the economy rose 7.7 percent in the first three quarters year-on-year, Li Xiaochao, spokesman of the National Bureau of Statistics (NBS) announced on Thursday.
There should be no problem for China to reach its annual growth target of 8 percent, Li xiaochao said at the press conference this morning.
According to the figure from the NBS, China’s GDP reached 21.78 trillion yuan in the first three quarters and 13.98 trillion yuan in the first half of the year, up 7.1 percent year-on-year.
China’s GDP growth is 6.1 percent in the first quarter year-on-year, while the second quarter hit 7.9 percent year on year.
China Economic growth this year is mainly driven by investment, and there is doubt that if the economy is healthy. But most investment is on the weak of economic development, so it’s conductive to long-term economic stability and faster development.
Consumption is another important factor besides investment, Li Xiaochao said. In the first three quarters, the actual total retail sales of social consumer goods grew by 17% after deducting price factors.