China's economic growth accelerated for the first time in three quarters in the July-September period, data from the National Bureau of Statistics revealed Friday, supporting policymakers' efforts to restructure the economy in order to achieve sustainable growth in the longer-term.
The gross domestic product rose 7.8 percent year-on-year in the third quarter of 2013 in line with expectations. This was faster than a 7.5 percent growth in the second quarter and a 7.7 percent gain in the first quarter.
Another set of data from the statistical office showed that China's industrial production expanded 10.2 percent year-on-year in September, decelerating from a 10.4 percent growth in August. The outcome, nonetheless, matched forecast.
Retail sales in the country increased 13.3 percent in September from a year earlier. This was slightly weaker than the expected 13.5 percent gain and August's 13.4 percent growth.
The country's fixed asset investment increased 20.2 percent during the first nine months of the year compared with the corresponding period last year. This was only a tad below economists' forecast of 20.3 percent.
During the January-September period, the GDP rose 7.7 percent compared with the same period last year. On a quarterly basis, the economy grew 2.2 percent in the third quarter.
Premier Li Keqiang has said that he expects China's full-year growth to exceed the government's target of 7.5 percent. Echoing Li's remarks, People's Bank of China Deputy Governor Yi Gang made a similar statement in Washington earlier this month.
However, foreign trade data published by the General Administration of Customs over the weekend was disappointing, with overseas shipments recording an unexpected decline of 0.3 percent annually in September.
The Ministry of Commerce said Thursday that China would likely face slowing demand from emerging markets in the coming months.
Exporters are also tackling rising labor costs and yuan appreciation, but the country's total trade is still expected to achieve 8 percent growth target this year.
With the authorities determined to go ahead with the planned economic reforms, the pace of recovery is expected to be modest. Recently, several international institutions have downgraded their growth outlook for China owing to the government's restructuring efforts.
In its latest World Economic Outlook report, the International Monetary Fund lowered its growth predictions for the Chinese economy, and now expects the gross domestic product to grow 7.6 percent this year and 7.3 percent the next year.
The Asian Development Bank expects growth to moderate to 7.6 percent in 2013 and to 7.4 percent in 2014. Meanwhile, the World Bank projects growth of 7.5 percent this year and 7.7 percent for 2014.
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