Economy defies doomsayers

China's economic growth looks set to accelerate this year, the first time in seven years, after it registered a 6.8 percent year-on-year GDP growth in the third quarter. Given that growth trend has been achieved against the backdrop of both domestic structural reforms and the still fragile global economic recovery, it showcases the exceptional resilience of the world's second-largest economy.

China's GDP growth in the first three quarters has been in stark contrast to the scenario depicted by many doomsayers late last year. Even more reassuring, while a variety of economic indicators are showing signs of steady growth, the country has also made much headway in carrying out the tough task of economic restructuring.

Industrial output growth, for example, increased to 6.7 percent in the first three quarters from 6 percent a year ago, with high-tech manufacturing and equipment-making industries, which are the backbone of a country's industrial development, showing brisk performance. The growth in their output was 13.4 percent and 11.6 percent, respectively, 6.7 percentage points and 4.9 percentage points higher than that of overall industrial output.