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China’s economy grew at 6.9% in third quarter

China’s economy posted a 6.9 percent growth year on year in the third quarter of this year, compared with 7 percent in the second quarter and the first quarter.

The National Bureau of Statistics announced the data on Oct 19. That’s the slowest pace of growth in China after 2009. For the first nine months, the GDP rose 6.9 percent year on year to reach nearly 48 trillion yuan.

Official data released this morning also shows a 6.2 percent year-on-year growth in industrial output in the first nine months. Fixed asset investments, which measure government spending on infrastructure, expanded 10.3 percent in the same period.

While, retail sales, a key indicator of consumer spending, grew 10.5 percent year-on-year in the period of January to September, compared to a 10.4 percent growth in the first half of 2015.

Although the latest data is slightly lower than the official economic growth target of 7 percent for 2015, analysts say that the country’s economy is still stable. But, some experts also warn that there may be downward pressure on the country’s economy.