China grows at slowest pace in three and a half years

City A.M. Reporter
The Chinese economy grew 7.4 per cent over the three months to September, the slowest quarter of growth since the financial crisis.

Industrial production, retail sales and investment figures were slightly up on forecasts, according to the National Bureau of Statistics (NBS).

The economy grew buy 7.7 per cent in the first nine months of the year, falling from 7.8 per cent in the first half.

The NBS said China would meet or exceed the official government target of 7.5 per cent for this year.

While GDP growth at 7.4 per cent would be cause for joy in recession-stalked developed economies, it represents a sharp slowdown for China, where GDP grew 9.2 per cent in 2011 and has averaged an annual rate around 10 per cent for three decades.