The National Bureau of Statistics figures show China's gross domestic product grew 9.9 percent year-on-year, to over 20 trillion yuan, or almost three trillion US dollars in the first three quarters of this year. The growth rate is over two percent lower than the same period last year.
The increase of China's consumer price index, the main gauge for inflation, continues to slow down. The indicator rose seven percent in the first nine months of the year... almost one percent lower than that in the first half of 2008.
Fixed assets investment, a major driving force for economic growth, totaled over eleven and a half trillion yuan, or about one point six trillion US dollars in the first nine months. That's nearly 30 percent up from the same period last year.
The total volume of China's imports and exports for the three quarters stands at about two trillion US dollars, 25 percent up on the same period last year. Foreign direct investment has greatly increased.
Li Xiaochao, spokesman of National Bureau of Statistics, said, "China has experienced a string of major natural disasters since the beginning of this year. The volatile global economy is also affecting China. The central government has made unwavering decisions and adopted a series of macro-economic policies. China's national economy has maintained stable and fast growth. It's economic performance is sound."
The spokesman pointed out some challenges for China's economic performance. They include the global financial crisis as well as a slow-down of world economic growth.
He has also said the central government will adopt flexible and prudent macro-economic policies for the next phase of economic work. This will push fast and stable economic growth and maintain China's financial stability.
(CCTV October 20, 2008)
