Chinese economy expands 6.8% in Q3; Chinese Pres. Xi hopes for quality growth
Turning our focus to China's Communist Party Congress... held to plan its economic development for the next five years and beyond.
The nation's statistics bureau released its economic growth figures for Q3.
It's a decline from previous quarters, however officials remain optimistic.
Oh Jung-hee has the latest from Beijing's highest-level political meeting.
China's GDP growth has slowed down in the third quarter of this year,... but is still higher than the country's growth projection.
According to China's National Bureau of Statistics,... the Chinese economy grew six-point-eight percent from July to September... compared to the same period last year.
That's a little below the six-point-nine percent growth seen in the first and second quarters of this year... as investment into real-estate and construction decreased with cities trying to stabilize housing prices.
But the Chinese economy is showing smooth, high growth rates.
Its GDP expanded almost seven percent year on-year in the first three quarters of this year combined... hitting 59-point-3 trillion yuan, or roughly 9 trillion U.S. dollars.
"(4110) Economic expansion has been in the range of 6.7 to 6.9 percent for nine consecutive quarters, maintaining growth at a medium to high rate."
The figures come in the midst of the Chinese Communist Party Congress... where Chinese Prexident Xi Jinping stressed... he'll build a society that's "moderately prosperous in all aspects" by 2020.
It's been dubbed the 'Xiaokang' society -- where per capita income is in the 3-thousand to 10-thousand U.S. dollar range.
President Xi promised to deepen financial reforms, further open China's markets to foreign investors,... encourage consumption,... and make interest rates and exchange rates more market-based.
(Chinese) Oct. 18, 2017
"(3608) China's overall productive forces have significantly improved, and in many areas, our production capacity leads the world. But a bigger problem is that our development is unbalanced and inadequate... which leads to difficulties in satisfying people's growing needs for a better life."
Beijing's growth target for this year remains around six-point-five percent... and analysts expect a gradual slowdown of China's GDP growth.
But with trade and bank lending still staying strong, many believe China will be able to achieve its aim of 'Xiaokang'.