News and Events

Chinese economy grows least in two years

China's economy grew 9.1% in the third quarter from a year earlier, the slowest pace since 2009, driving stocks lower on concern that Europe's debt crisis is dragging on the global recovery.

A slowdown in the pace of China's expansion, which remains five times that of the US, may help Premier Mr Wen Jiabao tame inflation that is above the government's target.

Industrial production increased 13.8% in September from a year earlier, the statistics bureau said.

Concerns about China's economy are focused on bad debt risks for banks, funding for small businesses, and the ability of local governments to repay money borrowed for infrastructure projects.

China Business News reported that rail projects have been halted due to cash shortages and the People's Daily reported that some road building stalled for the same reason.