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China's Economy Records Slowest Growth Since 2009

FILE - A visitor looks at an E30 EV, a small electric vehicle of Chinese state-owned automobile manufacturer Dongfeng Motor Co., at China International Industry Fair in Shanghai, Nov. 5, 2013.

China's economy expanded by just 7.3 percent in the third quarter from a year earlier, the slowest growth since early 2009 for the world's second-largest economy.

The figure released Tuesday by the National Bureau of Statistics beat market expectations, but raises concerns China will miss its growth target of 7.5 percent for this year.

"Even though there is a slow down in the third quarter's GDP (Gross Domestic Product), the employment rate, and prices are generally stable. The national economy is currently in a reasonable situation. The accumulated growth for the three quarters is 7.4, the third quarter is 7.3. This is indeed a slow down, compared to the same period last year," said Sheng Laiyun, spokesperson of the National Bureau of Statistics.

China's Economic Growth
China's Economic Growth

China earlier this year unveiled stimulus measures, including increasing spending on infrastructure projects such as railways and public housing and expanding credit.

But Communist Party leaders are not expected to roll out any more drastic measures to spur economic growth unless there is a major downturn in the job market.

Others figures released Tuesday showed that retail sales rose 11.6 percent in September from a year earlier, which was slightly below analysts' expectations.

Fixed asset investment, which measures the government's spending on infrastructure, grew 16.1 percent in the first nine months of the year, the slowest growth rate in over a decade.