Chinese economy slows down in seventh straight quarter

July-September marked the seventh straight quarter of the mammoth Chinese economy slowing down and missing growth target for the first time since the depths of the global financial crisis.

However, other data released today pointed to a year-end rebound with the National Bureau of Statistics saying the GDP grew 7.4 per cent in the third quarter from a year earlier.

This was in line with expectations of several economists polled - the first instance of growth falling short of the official target since the first quarter of 2009's 6.5 per cent.

Industrial production, retail sales and investment data though were slightly ahead of forecasts, however, showing robust quarter-on-quarter GDP growth pointing to the prospect of the the world's No 2 economy having left the worst behind and a pick up in the final quarter forthcoming, in the backdrop of a leadership transition in Beijing.

While GDP growth at 7.4 per cent would be cause for cheer in recession-stalked developed economies, it comes as a sharp slowdown for China, where GDP growth was 9.2 per cent in 2011 averaging an annual rate near 10 per cent for three decades.

Fixed-asset investments were up 20.5 per cent in January-September from a year earlier, ahead of the 20.2 per cent consensus forecast, although still down from around 25 per cent seen for most of last year.