The National Bureau of Statistics (NBS) said in the first three quarters of the year, GDP hit 48.78 trillion yuan, up 6.9 percent year on year.
According to the NBS, China’s exports growth dropped 7.9 percent year on year in the first three quarters to 17.87 trillion yuan.
During 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 year on year.
Despite disappointing growth in industrial output and fixed-asset investment, there have been positive signs in the slowed Chinese economy.
NBS data showed retail sales of consumer goods grew 10.9 percent year on year in September, slightly higher than 10.8 percent for August. The figure marked the highest rate of growth since the beginning of this year.
Services sector growth held up relatively well at the aggregate level, although the financial sector’s contribution fell compared with the first half of 2015.
Analysts say the moderation of China’s growth is somewhat like “growing pains”, as China makes the adjustment from an investment-led economy to a consumption-led economy.
SOUNDBITE4(CHINESE) LU ZHENGWEI, Industrial Bank
“We believe China’s economy will grow faster in the fourth quarter and the growth rate will stand at 7 percent again. Since August, some economic index have become better, which is the base for economic recovery. “