China
Records Speedy Economic Growth
China
has said it is on track to hit a projected growth rate of 8%
this year, after the economy grew by 8.9% from a year ago
in the third quarter.
The figure is up from the 7.9% rate seen in the previous
quarter and is the country's fastest GDP growth since the third
quarter of last year.
Reports have shown that industrial production and retail sales
also accelerated in September.
The economy grew by 7.7% in the nine months to September.
At
the end of Year 2008 the Chinese government announced a 4
trillion Yuan ($586bn; £354bn) stimulus plan involving
increased spending on infrastructure, such as rail and roads, to
boost the domestic economy as exports slumped.
Latest figures by the National Statistics Bureau show that
investment, accounting for nearly 88% of GDP growth
earlier this year, is playing a vital role in China's growth.
Investment in factories, construction and other fixed assets
rose by one third in January to September to a record 15.5tn
Yuan.
China's car market has become the world's biggest, recording
sales of up to 34% to 9.66 million vehicles in the
first nine months of the year.
Retail sales growth was 15.1% in the first three quarters
of the year.
BBC/Yinka
