China's economy slows down, the lowest rate in the last five years
Beijing (AsiaNews / Agencies) - According to the latest data from the Statistics Bureau, the growth rate of the Chinese economy is lower than expected. This suggests that Beijing may introduce new stimulus measures.
In the third quarter, the gross domestic product (GDP)
grew by 7.3% compared to last year; in the previous quarter it grew 7.5. The
figure is higher than analysts' forecasts - 7.2% - but remains the lowest in the
last five years.
In general, data reveals that the Chinese giant is struggling causing concern over
its ability to tow the global economy.
Last March, the government had forecast for an
increase of 7.5%, but there are fears that it will not be achieved. This opens the
possibility to more stimulus measures by the central authorities.
The property sector is particularly sluggish. China has already loosened the brake
on the number of affordable homes, to give breath to the sector.
The Bank of China is planning a cash injection of 200 billion yuan (about 25.5 billion euro) in loans through 20 large banks. Previously the Bank of China had provided a loan of 500 billion yuan (about 63.7 billion euro) to five lending institutions.
In September, industrial production grew by 8%; in August it grew by 6.9%. Retail sales grew by 11.6%. In August, growths were at 11.9%.
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22/10/2009
