Economy grows 9.5% in first nine months
China's economy grew by 9.5 percent year-on-year in the first nine months of this year, Spokesman Zheng Jingping for the National Bureau of Statistics (NBS) announced in Beijing Friday.
"China curbed some unstable and unhealthy factors and strengthened weak links in the economy by cementing and improving macro-control in the first three quarters so as to avoid big ups and downs and maintain stable and fast growth of the economy," he told a press conference held by the Information Office of the State Council.
Preliminary statistics show that the country's gross domestic product totaled 9.31 trillion yuan (US$1.13 trillion) from January to September of this year, a rise of 9.5 percent year-on-year, or 0.6 percentage points higher than the same period of last year, according to Zheng.
Agricultural added value reached 1.26 trillion yuan (US$152.4 billion), up 5.5 percent, industrial added value rose 10.9 percent to 5.16 trillion yuan (US$623.9 billion), and that of the service sector jumped 8.5 percent to 2.9 trillion yuan (US$350.7 billion).
Consumption Increases 9.7%
The spokesman also said that consumption increased 9.7 percent year-on-year in the first three quarters.
He described the increase as " encouraging".
According to economics theories, consumers' behavior would not often change
greatly, Zheng said. "We feel that encouraging to have such an increase in
consumption," Zheng said.
Added Industrial Output Value