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Growth slows to 9% in China
20 Oct 2008China's economy grew by 9% in the third quarter, the slowest pace in five years, adding to fears that its appetite for commodities may be easing.
The growth rate was well below economists' consensus of 9.7% and compares with 10.1% in the second quarter. China is mulling its third interest rate cut for the year as exports slow.
Beijing plans an increase in infrastructure investment and will boost export-tax rebates. The slowdown has cooled inflation to 4.6%, down from 4.9% in August.
But growth rates are still the envy of Europe and the US. Urban fixed-asset investment climbed 27.6% in the first nine months from a year earlier, after a 27.4% increase through August.
Industrial production rose 11.4% in September after climbing 12.8% the previous month. Retail sales grew 23.2%, the same as in August.
The State Council said "unstable factors in the international economic environment are clearly increasing, and the impact is gradually showing on China".
