China`s economic growth bounces back to 7.8 per cent

China’s economic growth rebounded to 7.8 percent in the latest quarter after a boost in government spending to reverse a sharp downturn. Growth of the world’s second-largest economy accelerated from the previous quarter’s two-decade low of 7.5 percent, according to the National Bureau of Statistics. Communist leaders want to steer China’s economy to a slower, more sustainable level based on domestic consumption instead of exports and investment. The unexpectedly abrupt decline in global demand for Chinese goods prompted Beijing to reverse course temporarily and take targeted steps to prop up growth and avoid job losses. Factory output in the three months ended September rose 10.1 percent from a year earlier, up 1 percentage point from the growth rate in the first half of the year, the bureau spokesman said. Growth in investment in factories and other fixed assets edged up, growing 20.2 percent in the first three quarters of the year, compared with 20.1 percent for the first half, the data showed. Retail sales also accelerated but only marginally, rising by 12.9 percent in the first three quarters.

What: China's economic growth When: 17th October 2013