Economic Growth Quickens
China's gross domestic product grew an annualized 7.7% to 38.68 trillion yuan in Q1-Q3 2013, the National Bureau of Statistics said. Growth in Q3 accelerated to 7.8% from 7.5% in Q2 as a result of unwound monetary policy. In Q1-Q3, output from the primary sector was up 3.4% year on year to 3.57 trillion yuan; output from the secondary sector was up 7.8% to 17.51 trillion yuan; output from the tertiary sector was up 8.4% to 17.6 trillion yuan.
Factory Output Growth Falls
China's value added industrial output expanded 10.2% from a year earlier in September, with the growth 0.2 percentage points slower than in the previous month, according to figures from the National Bureau of Statistics. Output from state-owned industrials was up 7.8% and output from foreign-funded industrials was up 9.4% in September, compared with 9.5% and 8.7% respectively in the previous month.
Power Generation Growth Dives
China's power generation rose 8.2% from a year earlier to 431 billion kilowatt hours in September; the growth rate was 5.2 percentage points slower than in the previous month, according to the National Bureau of Statistics. The slowdown was in line with a slower growth of factory output.
Investment Growth Slows
Fixed asset investment in China rose 20.2% year on year to 30.92 trillion yuan in the first 9 months of 2013; the rate was 0.1 percentage point slower than in the first 8 months, the National Bureau of Statistics said. Fixed asset investment in the primary sector was up 31.1% to 679.9 billion yuan; fixed asset investment in the secondary sector was up 17.1% to 13.26 trillion yuan; fixed asset investment in the tertiary sector was up 22.3% to 16.98 trillion yuan.
Income Growth Outstripped by GDP Growth
Urban disposable income rose 9.5% year on year to 20,169 yuan per person in Q1-Q3 2013, according to the National Bureau of Statistics. The growth rate will be cut to 6.8% if inflation is accounted for, much slower than the 7.7% GDP growth.
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