China posts 8.9 per cent Q3 GDP growth


China posted GDP growth of 8.9 per cent in the third quarter of the year, up from 7.9 per cent growth in the second quarter, Bloomberg reported. The growth rate, the fastest in a year, reflected heavy government stimulus spending and high lending growth. Helped by massive stimulus spending on infrastructure, urban fixed-asset investment rose 33.3 per cent in the third quarter. Industrial production rose 13.9 per cent year-on-year in September, the highest rate of growth in more than 12 months, thanks to higher auto sales, while retail sales, a broad indicator of consumer behavior, rose 15.5 per cent in September.