China Q3 GDP expands faster at 8.9%

22 October 2009 04:09  [Source: ICIS news]

SHANGHAI ICIS news)--China’s gross domestic product (GDP) expanded at an annual rate of 8.9% in the third quarter, picking up speed from a 7.9% clip in the second quarter due to the government's heavy pump-priming, official data showed on Thursday.

The country has maintained its aggressive lending policy to businesses in the third quarter with continued support from the government's two-year CNY4,000bn ($586bn) fiscal stimulus package. Meanwhile, sharp falls in China's exports have eased.

In the first three quarters of the year, the world's third largest economy grew 7.7% year on year to yuan (CNY) 21,781.7bn($3,189bn), according to the National Bureau of Statistics (NBS).

($1 = CNY6.83)

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By: Judith Wang
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