BEIJING — China’s growth slowed but remained strong in the third quarter of this year, according to official statistics released Thursday. Meanwhile, retail sales so far this year grew at a double-digit pace.
Gross domestic product grew by 9.6 percent in the third quarter of this year compared with last year. That reflects slowdown from 10.3 percent growth in the second quarter and 11.9 percent in the first.
Inflation increased by 3.6 percent in September, slightly higher than the previous month. Retail sales were up 18.3 percent in the first nine months of this year from the same period in 2009.
A spokesman for the statistics bureau said recovery is well underway but trouble spots remain in the Chinese economy.
“The overall economy remains sound, and the momentum of economic recovery is further consolidated,” Sheng Laiyun said at a news conference.
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Analysts said the third-quarter growth was faster than expected, particularly in light of moves from the government to curb growth and inflation. Earlier this week, China’s central bank increased interest rates for the first time since 2007, a move seen as an attempt to curb inflation.
“The economic situation now shouldn’t be seen as overheated, but it is relatively hot,” said Mao Yushi, chairman of the Unirule Institute of Economics in Beijing.
Mao said the recent rise in interest rates should be effective in cooling overall growth. Yet worries remain about an economic bubble building.
Property prices and bank loans also increased in September, according to the statistics bureau. That’s in spite of repeated government attempts to cool the heated Chinese property market.