News / Asia

Chinese Economy Slows in Third Quarter

A Chinese beggar walks amongst traffic asking for a handout in Beijing, China. China's inflation rate edged lower in September, giving Chinese leaders leeway to stimulate the economy as U.S. and European growth slows, October 14, 2011.
A Chinese beggar walks amongst traffic asking for a handout in Beijing, China. China's inflation rate edged lower in September, giving Chinese leaders leeway to stimulate the economy as U.S. and European growth slows, October 14, 2011.

China's rapid economic growth slowed slightly between July and September, due to slowdowns in Europe and the United States and inflation-fighting measures at home.

The government's statistics bureau says the nation's economy grew at a 9.1 percent annual pace in the three months through September 30. That compares to 9.5 percent growth in the previous three months.

The figures were released by officials at China's National Bureau of Statistics.

"So the average growth of the economy, as shown by many of the important indicators, has slowed down somewhat, but it still maintains a steady and stable growth," an official stated.

Spokesman Sheng Laiyuan said that despite the slowdown, China is still enjoying steady and stable growth.

China's booming economy has been a major engine in the growth of the global economy, but the European debt crisis and high unemployment in the United States have weakened demand for Chinese-made goods.

Chinese policymakers have also taken steps to cool the economy, including a series of interest rate hikes and requirements that the nation's largest banks increase their cash reserves. "Our overall evaluation is that, in the past 3 quarters, it is safe to say that the national economy is generally on the right track and is benefiting from our macro-control policies," a policymaker noted.

Sheng said the latest figures indicate the government's inflation-fighting policies are working.

Many Chinese business owners agree that inflation, not slow growth, is the biggest threat they face.

"For me it was around August or September when I really started to feel that my suppliers where raising their prices. So by the time it gets to us - the secondary or tertiary purchasers of the goods - it has already risen by 20 or 30 percent. So in order to continue selling to our customers we have not been able to raise prices that much - our profits have been reduced," one business owner said.

Handicraft shop owner Sun Li said her costs for materials have risen by 20 to 30 percent. And that is cutting into her profits.

China's annual inflation rate has come down slightly in recent months but remains above 6 percent.

Despite the problems, retail sales in China last month were 17.7 percent higher than in the same month last year.

Some information for this report was provided by AP, AFP and Reuters.

You May Like

Video Afghan Refugees Complain of Harassment in Pakistan

Afghan officials and human rights organizations assert that Pakistani authorities are using deadly attack at school in Peshawar as pretext to push out Afghan refugees More

At Boston Bombing Hearing, Sides Spar Over Boat

At final pre-trial hearing, lawyers for suspect Dzhokhar Tsarnaev, prosecutors disagree on whether vessel where he hid from police can be shown to jurors More

Iran Judiciary 'Picks' Lawyer for Detained WP Reporter

Masoud Shafii has been attempting to secure official recognition as Rezaian’s attorney, but is not allowed to see his client in prison More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
US Supreme Court Hears Hijab Discrimination Casei
X
Katherine Gypson
February 25, 2015 11:30 PM
The U.S. Supreme Court has heard opening arguments in a workplace religious discrimination case that examines whether a clothing store can refuse to hire a young woman for wearing the headscarf she says is a symbol of her Muslim faith. Katherine Gypson reports from the Supreme Court.
Video

Video US Supreme Court Hears Hijab Discrimination Case

The U.S. Supreme Court has heard opening arguments in a workplace religious discrimination case that examines whether a clothing store can refuse to hire a young woman for wearing the headscarf she says is a symbol of her Muslim faith. Katherine Gypson reports from the Supreme Court.
Video

Video Falling Gas Prices Hurt Nascent Illinois Hydraulic Fracturing Industry

Falling oil prices are helping consumers purchase cheaper petroleum at the pump. But that’s made hydraulic fracturing or “fracking” less economically viable for the companies in the United States invested in the process. VOA’s Kane Farabaugh reports on one Midwestern town that was hoping to change its fortunes by cashing in on the next big U.S. oil boom.
Video

Video Fighting in Sudan's South Kordofan Fuels Mass Displacement

Heavy fighting in Sudan's South Kordofan state is causing hundreds of thousands to flee into uncertain conditions. Local aid organizations estimate as many as 400,000 civilians have been internally displaced since the conflict began more than three years ago, while another 250,000 have fled across the border to refugee camps in South Sudan. VOA's Adam Bailes reports.
Video

Video Lao Dam Project Runs Into Opposition

A Lao dam project on a section of the Mekong River is drawing opposition from local fishermen, international environmental groups and neighboring countries. VOA's Say Mony visited the region to investigate the concerns. Colin Lovett narrates.
Video

Video A Filmmaker Discovers Her Biracial Identity in "Little White Lie

Lacey Schwartz grew up in an upper middle-class Jewish family, in a town in upstate New York where almost everyone she knew was white. She assumed that she was, as well. Her recent documentary, Little White Lie, tells the story of how she uncovered the secret of her true racial background. VOA’s Carolyn Weaver has more on the film.
Video

Video Deep Under Antarctic Ice Sheet, Life!

With the end of summer in the Southern hemisphere, the Antarctic research season is over. Scientists from Northern Illinois University are back in their laboratory after a 3-month expedition on the Ross Ice Shelf, the world’s largest floating ice sheet. As VOA’s Rosanne Skirble reports, they hope to find clues to explain the dynamics of the rapidly melting ice and its impact on sea level rise.
Video

Video US-Cuba Normalization Talks Resume Friday

Negotiations aimed at normalizing diplomatic relations between the U.S. and Cuba resume Friday. On the table: lifting a half-century trade embargo and easing banking and travel restrictions. There's opposition in Congress, but some analysts say there may be sufficient political and economic incentives in both nations for a potential breakthrough this year. VOA's Mil Arcega reports.
Video

Video Pakistan's Deadline For SIM Registration Has Cellphone Users Scrambling

Pakistani cell phone users have until midnight Thursday to register their SIM cards, or their service will be cut off. While some privacy experts worry about government intrusion, many Pakistanis are just worried about keeping their phone lines open. VOA Deewa reporter Arshad Muhmand has more from Peshawar.
Video

Video Myanmar Warns Factory Workers to End Strikes

Outside Myanmar's main city Yangon, thousands of workers walked off their jobs earlier this month demanding a doubling of their wages, pay raises after a year and input from labor unions on industrial regulations. Since Friday, the standoff has grown more tense as police moved in to disrupt the sit-ins, resulting in clashes that injured people from both sides. VOA correspondent Steve Herman visited industrial zones which have become a focus of Myanmar's fledgling workers rights movement.
Video

Video Oscar Winners Do More Than Thank the Academy

The Academy Awards presentation is Hollywood’s night to reward the best movies from the previous year. It’s typically a lot of glitter, a lot of thank you’s, a lot of speeches. But many of this year’s speeches carried messages beyond the thank you's. VOA’s Carolyn Presutti takes a look.

All About America

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More