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

Karzai's Legacy: Missed Opportunities?

Afghanistan's president leaves behind a much different nation than the one he inherited, yet his legacy from 13 years in power is getting mixed reviews More

Secret Service Chief Under Fire for White House Security Breach

Julia Pierson faces tough questions from lawmakers after recent intrusion at White House, says: 'It is clear that our security plan was not executed properly' More

Frustrated, Liberian Students Want Ebola Fight Role

Thousands have volunteered to go to counties, rural villages to talk to people in their language about deadly virus 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.
Malaysia Struggles to Stop People Joining Jihadi
X
Mahi Ramakrishnan
September 30, 2014 2:16 PM
Malaysian authorities say militant groups like the so-called "Islamic State" have used social media to entice at least three dozen Malaysian Muslims to fight in what they call "jihad" in Syria and Iraq. As Mahi Ramkrishnan reports from Kuala Lumpur, counterterrorism police are deeply worried about what could happen when these militants return home.
Video

Video Malaysia Struggles to Stop People Joining Jihad

Malaysian authorities say militant groups like the so-called "Islamic State" have used social media to entice at least three dozen Malaysian Muslims to fight in what they call "jihad" in Syria and Iraq. As Mahi Ramkrishnan reports from Kuala Lumpur, counterterrorism police are deeply worried about what could happen when these militants return home.
Video

Video Could US Have Done More to Stop Rise of Islamic State?

President Obama says airstrikes against Islamic State militants in Syria will likely continue for some time because, in his words, "there is a cancer that has grown for too long." So what if President Obama had acted sooner in Syria to arm more-moderate opponents of both the Islamic State and the Syrian government? VOA State Department Correspondent Scott Stearns reports from the United Nations.
Video

Video Treasure Hunters Seek 'Hidden Treasure' in Central Kenya

Could a cave in a small village in central Kenya be the site of buried treasure? A rumor of riches, left behind by colonialists, has some residents dreaming of wealth, while others see it as a dangerous hoax. VOA's Gabe Joselow has the story.
Video

Video Iran's Rouhani Skeptical on Syria Strikes

Iranian President Hassan Rouhani expressed skepticism Friday that U.S.-led airstrikes in Iraq and Syria could crush Islamic State militants. From New York, VOA’s Margaret Besheer reports the president was also hopeful that questions about Iran’s nuclear program could be resolved soon.
Video

Video US House Speaker: Congress Should Debate Authorization Against IS

As wave after wave of U.S. airstrikes target Islamic State militants, the speaker of the Republican-controlled House of Representatives says he would be willing to call Congress back into session to debate a formal, broad authorization for the use of military force. VOA’s Michael Bowman reports from Washington, where legislators left town 10 days ago for a seven-week recess.
Video

Video Ebola Patients Find No Treatment at Sierra Leone Holding Center

At a holding facility in Makeni, central Sierra Leone, dozens of sick people sit on the floor in an empty university building. They wait in filthy conditions. It's a 16-hour drive by ambulance to Kailahun Ebola treatment center. Adam Bailes was there and reports on what he says are some of the worst situations he has seen since the beginning of this Ebola outbreak. And he says it appears case numbers may already be far worse than authorities acknowledge.
Video

Video Identifying Bodies Found in Texas Border Region

Thousands of immigrants have died after crossing the border from Mexico into remote areas of the southwestern United States in recent years. Local officials in south Texas alone have found hundreds of unidentified bodies and buried them in mass graves in local cemeteries. Now an anthropologist and her students at Baylor University have been exhuming bodies and looking for clues to identify them. VOA’s Greg Flakus has more from Waco, Texas.
Video

Video Ebola Robs Liberians of Chance to Say Good-Bye to Loved Ones

In Liberia, where Ebola has killed more than 1,500 people, authorities have worked hard to convince people to allow specialized burial teams to take away dead bodies. But these safety measures, while necessary, make it hard for people to say good bye to their loved ones. VOA's Anne Look reports on the tragedy from Liberia.
Colonel Steve ‘Spiros’ Pisanos left Greece and came to the U.S. to learn to fly. He flew fighters for the Allies in World War II, narrowly escaping death multiple times.Colonel Steve ‘Spiros’ Pisanos left Greece and came to the U.S. to learn to fly. He flew fighters for the Allies in World War II, narrowly escaping death multiple times.

AppleAndroid