Curtis Wool Direct

China’s economy grows steadily at annual rate of 6.7%

Buy and sell wool 24 hours a day, 7 days a week from anywhere in the world. Click here.

China’s economy grew at an annual rate of 6.7% in the three months to September, government data showed, a sign that growth is stabilising. The figure was the same rate as the previous two quarters, and was in line with forecasts.

The spell of stability will reassure investors after China’s markets and currency crises earlier this year sparked fears of a further slowdown. China’s economic performance has a big knock-on impact around the world. Full year growth for 2016 is still likely to be weaker than last year’s, which was already the slowest in 25 years.

“The general performance was better than expected,” the National Bureau of Statistics said in a statement when releasing the data. The figure is in line with Beijing’s growth target of 6.5%-7% for the year.

Still growing, but still slowing; the latest official figures suggest the Chinese government is stabilising its vast economy. But dig a bit deeper and it’s a familiar picture; it seems government spending, especially investment in infrastructure, is still significant fuel for the engine. Rocketing prices in the – at times crazy – property market are helping too in places.

There’s evidence that the attempt to move towards a consumer-led economy is beginning to work. Consumption, at around 70%, accounted for more of the GDP growth.

Debt remains a big, big problem though. At nearly 260% of GDP it’s frighteningly high. Most of it is on the books of provincial governments.

A final word on that 6.7% growth figure. That’s three quarters, in a row, of the same figure. Exactly what government forecasters predicted. Some have consistently cast doubt on the accuracy of the numbers, most recently the IMF’s former chief economist, who told the BBC he thought the slowdown was worse.

Real estate has been a driving force behind China’s economy this year, with separate data released on Wednesday showing that investment in property rose by 5.8% between January and September with sales increasing by almost 27%.

This is despite government efforts to try and prevent more property bubbles, with some cities demanding bigger mortgage deposits or banning second homes.

China is the world’s second-largest economy and the second-biggest importer of both goods and commercial services.

It also plays an important role as a buyer of oil and other commodities. Its slowdown in growth has been a factor in the decline in prices of those goods.

Source: BBCB

Share This Article

America
Argentina
Australia
Belgium
Britain
Canada
France
Germany
Hungary
India
Italy
Malaysia
New Zealand
Russia
South Africa
Spain
Turkey
Uruguay
Wool Promotion
Buy Alpaca from
Mohair
Wool & Specialty Fibre
Tops & Yarn Dyeing
Wool & Top Treatment 
Buy Yarn From
Textile Machinery
Wool Magazines

Interested in reaching buyers in China? Advertise in wool2yarn China magazine and reach major importers of wool and speciality fibre, topmakers, spinners, weavers and textile companies in China, in their own language, breaking down the language barrier. This publication is circulated to 5000 major textile companies in China, Hong Kong and Taiwan and is a buyer’s guide and information source for the year ahead. See More.


Reach buyers in 58 countries – advertise in wool2yarn global magazine. Published once each year (September) it is circulated to over 5000 textile companies. Readership includes importers of wool and speciality fibre, topmakers, spinners and weavers, manufacturers of yarn, knitwear, carpet, and blankets, producers and importers of fabrics, bedding products, garment manufacturers, and brands and retail chains. See more.

Wool Reports
Buy Wool, Wool Tops, Yarn Online
Wool Testing
Wool Logistics
Wool Grease
Wool Products Online
Second Hand Textile Machinery