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China's Economy Grows By 7.8%

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China's economy grew 7.8% in the third quarter, its fastest pace this year and in line with expectations, as firmer foreign and domestic demand lifted factory production and retail sales.

Yet any optimism from the government figures released on Friday could fade quickly as global demand remains volatile, which was underlined by a surprise fall in exports in September. Efforts at home to engineer slower but more sustainable growth will also weigh on the economy in coming quarters, analysts say.

"The Q3 GDP figure is in line with market expectations but the uncertainty is whether the current recovery is sustainable," said Shen Jianguang, chief China economist with Mizuho Securities in Hong Kong.

"We think the recovery in the third quarter was mainly driven by the strong momentum of the property market."

After three decades of blistering expansion fuelled by exports and investment, Beijing is trying to shift the economic mix so that activity is geared much more to consumption. That means a slowdown from the double-digit growth of previous years.


The GDP readings keep China on track to achieve the government's 2013 growth target of 7.5%, stronger than other major economies but still the worst performance for the country in 23 years.

When you can rig the figures you can achieve anything..

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When you can rig the figures you can achieve anything..

They may fiddle with them a bit, but there is unequivocal GDP activity going on - as it will with all the emerging countries.

You have a generation that wants all the things westerners have - indoor plumbing through to 60" TVs and urbanisation.

Most people in the west have everything they need, they may aspire to a bigger TV, but they've probably got 3 or 4 already.

Once Asia has caught up it will be the African nations.

As these countries bloom they generate cash with a higher value than ours - so they buy all our assets.

We're just a tourist attraction for the foreseeable.

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