China's economy expands 4.8% in Q3

ISTANBUL

China's economy grew 4.8% year-on-year in the third quarter of the year, according to data released by the National Bureau of Statistics (NBS) on Monday.

Although the growth rate in the third quarter slowed compared to the previous two quarters, the average growth rate of 5.2% in the first nine months is in line with the government's target of “around 5%” for this year.

The Chinese economy grew by 5.4% in the first quarter and 5.2% in the second quarter.

Industrial production increased 6.5% in September, compared to the same period last year; after rising 5.7% in July, and 5.2% in August.

Retail sales rose 3% in September, falling short of August's 3.4% increase.

The overall unemployment rate in cities, which was 5.3% at the end of August, fell to 5.2% in September.