China’s economic growth eased to 6.9 percent in the third quarter from a year earlier, slightly lower than 7 percent in the first half of the year, emphasizing more downward pressure on the economy.
Quarter-on-quarter growth was 1.8 percent, the National Bureau of Statistics (NBS) said on Monday.
Fixed-asset investment eased to 10.3 percent year-on-year in the January-September period, compared with 10.9 percent posted the prior month.
NBS spokesman Shen Laiyun said the slowdown of industrial output was partly because of the structural upgrade that is currently underway.
China is transforming from an industry-led to a service-led economy, and the service sector did well in the first three-quarters of the year, Shen said.
Excess capacity and the slowdown of high energy consuming sectors are two major reasons that lead to the downward trends, Wang Xiaoguang from China Academy of Governance said. Adding that the trend puts pressure on policymakers to roll out more support measures.
Story by CCTV NEWS.
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