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CHINA’S economy posted an annual 6.9 per cent rise in the third quarter of 2015, the National Bureau of Statistics (NBS) announced yesterday.
This is the first time the quarterly growth rate has dropped under 7 per cent since the second quarter of 2009.
NBS spokesman Sheng Laiyun said that global factors amid the world economic recovery had affected China.
“Expectation of a US interest rate rise prompted volatility in commodity prices, stocks and foreign currency,” he explained.
“Many countries devalued their currencies, putting more pressure on Chinese exports, one of the three pillars of China’s economic growth.”
China’s annual exports growth dropped 7.9 per cent in the first three quarters, according to the NBS.
During the first nine months, industrial output grew 6.2 per cent year on year and fixed-asset investment climbed 10.3 per cent.
Property investment grew 2.6 per cent, while retail sales of consumer goods rose 10.5 per cent.
