China sees slow down in economic growth rate

In China, economic growth rate drops for the third quarter in succession and there are fears that the economy may see an intense downturn in the coming days.

According to the National Bureau of Statistics, during the 3rd Q the economy grew at a rate of 9% that was 10.1% down compared to previous quarter.

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Li Xiaochao, a spokesman from the National Bureau of Statistics, says in this connection, “The government wasn’t expecting such an intense impact of the global financial crisis.”

In the meantime, there was a slight increase in Asian share prices in early trading.

Shares rose by 2.2% in Hong Kong and similarly Japanese and South Korean stock markets also saw slight rise in shares.

“There is still no hope for a definite recovery from the financial crisis,” Li Xiaochao tells in a news conference.

“We can notice a considerable slow down in the growth rate of the world economy, as there are many volatile and uncertain factors have involved in the international economic climate.” He added.

Li told that the Chinese government had taken timely measures to overcome the economic slow down and soon we would definitely overcome it.

“The government is changing its focus from preventing the overheating of the economy and also trying to avoid structural inflation to preserve growth and control inflation.” He  further added.

China sees slow down in economic growth rate
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