China's economic growth slowed slightly in the third quarter as the government's efforts to rein in property market and debt risks tempered activity in the world's second-largest economy.
The economy grew 6.8 per cent in the third quarter from a year earlier, in line with the median estimate in a Reuters poll and down from 6.9 per cent in the second quarter, the national bureau of statistics said on Thursday.
In all, economic performance was solid and on track to comfortably beat the government's target of around 6.5 per cent for this year.
While the numbers met economist forecasts, they raise questions about more optimistic expectations flagged by the country's central bank governor this week. The People's Bank of China governor Zhou Xiaochuan on Sunday said GDP could grow 7 per cent in the second half of this year.
"The data show that some deleveraging is continuing and government reforms are working but growth is still being supported at a reasonable rate," said Kaori Yamato, a senior economist at the Mizuho Research Institute in Tokyo.
Analysts had penciled in a gradual GDP slowdown due to an expected softening in property investment and construction as more cities try to cool surging housing prices, while a government campaign against riskier lending pushes up borrowing costs.
In the property sector, growth in new construction slowed, while property sales dropped for the first time in more than two and half years in September.
"Unequivocally, the property boom has peaked," said Rosealea Yao, a property analyst at Gavekal Dragonomics.
"We have seen some big rebounds at the end of the first and second quarter, but given how fast the sale numbers are declining, we expect no big rebound this time."
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China's economy has surprised global financial markets and investors with robust growth so far this year, driven by a renaissance in long-ailing "smokestack" industries such as steel.
At the same time, there are concerns about the state's growing role in the economy: the acceleration in year-on-year state investment growth outstripped private investment growth in September.
Analysts and global economic bodies such as the International Monetary Fund warn Beijing is still too reliant on debt-fuelled stimulus to meet fixed growth targets.
In the opening speech of a key, twice-a-decade Communist Party Congress this week, thepresident Xi Jinping said China will deepen economic and financial reforms and further open its markets to foreign investors as it looks to move from high-speed to high-quality growth.
However, while expressing support for market reform and private firms, Mr Xi also called for stronger, bigger state firms.
While policymakers' efforts to curb property market speculation and cut debt are hurting growth in some parts of the world's second largest economy, activity has been supported by better-than-expected expansion in trade and bank lending.
Beijing has set a slightly more modest growth target of around 6.5 per cent for 2017, theoretically offering more room for reforms after the economy grew 6.7 per cent in 2016 - the weakest pace in 26 years.
GDP in the third quarter grew 1.7 per cent quarter-on-quarter, compared with growth of 1.8 per cent in April-June, which was revised up from initially reported 1.7 per cent growth.
Analysts had expected third quarter GDP would grow 1.7 per cent on a quarterly basis.
China's factory output grew 6.6 per cent in September from a year earlier, beating expectations, while fixed-asset investment expanded 7.5 per cent in the first nine months of the year, missing forecasts.
Retail sales rose 10.3 per cent in September from a year earlier, compared with analysts' expectations for a 10.2 per cent rise. Disposable income grew 7.5 per cent in the first nine months of the year, the fastest rate in two years.
Data last week showed China's import and export growth accelerated in September, suggesting the economy is still expanding at a healthy pace. China's banks also extended more loans than expected last month, buoyed by demand from home buyers and companies.
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
SNAPSHOT
While Huawei did launch the first smartphone with a 50MP image sensor in its P40 series in 2020, Oppo in 2014 introduced the Find 7, which was capable of taking 50MP images: this was done using a combination of a 13MP sensor and software that resulted in shots seemingly taken from a 50MP camera.
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Fatherland
Kele Okereke
(BMG)
The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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The essentials
What: Emirates Airline Festival of Literature
When: Friday until March 9
Where: All main sessions are held in the InterContinental Dubai Festival City
Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.
Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.
Information: www.emirateslitfest.com
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Heather, the Totality
Matthew Weiner,
Canongate
'Cheb%20Khaled'
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Five%20calorie-packed%20Ramadan%20drinks
%3Cp%3E%3Cstrong%3ERooh%20Afza%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20contains%20414%20calories%0D%3Cbr%3E%3Cstrong%3ETang%20orange%20drink%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20serving%20contains%20300%20calories%0D%3Cbr%3E%3Cstrong%3ECarob%20beverage%20mix%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20serving%20contains%20about%20300%20calories%0D%3Cbr%3E%3Cstrong%3EQamar%20Al%20Din%20apricot%20drink%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20saving%20contains%2061%20calories%0D%3Cbr%3E%3Cstrong%3EVimto%20fruit%20squash%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20serving%20contains%2030%20calories%3C%2Fp%3E%0A
Race card
6.30pm: Emirates Holidays Maiden (TB), Dh82,500 (Dirt), 1,900m
7.05pm: Arabian Adventures Maiden (TB), Dh82,500 (D), 1,200m
7.40pm: Emirates Skywards Handicap (TB), Dh82,500 (D), 1,200m
8.15pm: Emirates Airline Conditions (TB), Dh120,000 (D), 1,400m
8.50pm: Emirates Sky Cargo (TB), Dh92,500 (D)1,400m
9.15pm: Emirates.com (TB), Dh95,000 (D), 2,000m
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
