Chinese economy dips below 7% growth rate for first time in six years

The Chinese economy grew by 6.9% in the third quarter of 2015, its National Bureau of Statistics (NBS) announced on Monday, the first time quarterly growth rate has dropped below 7% since the second quarter of 2009.
“Expectations of a U.S. interest rate hike prompted volatility in commodity prices, stocks and foreign currency markets,” NBS spokesperson Sheng Laiyun told a press conference today. “Many countries devaluated their currencies, putting more pressure on Chinese exports, one of the three pillars of China’s economic growth.”  China’s exports growth had dropped 7.9 %  year on year by the end of the third quarter, while industrial output grew 6.2% and fixed-asset investment 10.3%.  Property investment was up 2.6% year on year, with retail sales of consumer goods rising 10.5%.
“China’s economic development is adjusting to the new normal and experiencing growing pains of shifting from old drivers of growth to new ones. Yet the fundamentals of a steadily growing economy have remained unchanged,” said Chinese President Xi Jinping in a written interview with Reuters on Sunday in advance of his state visit to Britain.
“The new type of industrialization, IT application, urbanization and agricultural modernization that is in full swing has generated strong domestic demand and great potential for future growth. It has also made the economy more resilient and adaptable. All this, coupled with deepening structural reforms, means that China will have very promising economic prospects.” he said.

Source: xinhuanet