BEIJING — The fundamentals of a steadily growing economy have remained unchanged, Xiao Xiao, an analyst with the Academy of Macroeconomic Research, affiliated to the National Development Reform Commission has said.
Xiao made the remarks following the news that China’s economy grew 6.9 percent in the third quarter year-on-year.
As China’s economy is shifting from old drivers of growth to new ones, with strong growth momentum in services, consumption and high-tech industries instead of exports and investments.
In the first three quarters, value added in the service sector accounted for 51.4 percent of GDP, up 2.3 percentage points from the same period last year.
In the first nine months, industrial output grew 6.2 percent year-on-year and fixed-asset investment climbed 10.3 percent. Property investment grew 2.6 percent, while retail sales of consumer goods rose 10.5 percent.
The high-tech sector grew 10.4 percent year on year, out-pacing China’s value-added industrial output by 4.2 percentage points.
The government is increasing investment in infrastructure including railways, airports and pipelines.
The Chinese economy grew by 6.9 percent in the first three quarters of the year, which is still leading in growth rate among major economies around the world.
It is normal that an economy may grow at different speeds in different periods, Xiao added.