China’s Q3 economy expands at steady 6.7 percent

China's Q3 economy expands at steady 6.7 percent

PanARMENIAN.Net – China's economy expanded at a steady 6.7 percent in the third quarter and looks set to hit Beijing's full-year target, fueled by stronger government spending, record bank lending and a red-hot property market that are adding to its growing pile of debt, Reuters reports. Wednesday's data painted a picture of an economy that is slowly stabilizing but increasingly dependent on government spending and a housing boom for growth, as private investment and exports remain stubbornly weak. Some economists believe Beijing has had to double down on stimulus this year to meet its official growth range of 6.5 to 7 percent, and say the government's obsession with meeting hard targets may hurt both planned reforms and the long-term health of the world's second-largest economy. So far this year they have clearly chosen to do everything they can to meet the growth targets, and now there is a little bit of an upward surprise from the housing market which actually will help them with GDP growth this year, said Louis Kuijs, head Of Asia economics at Oxford Economics in Hong Kong. The question really is, is the leadership willing to move to somewhat lower growth targets in order to put…

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