Home / Knowledge / News / Textiles / Chinese Q3 GDP falls to 6.9%, lowest since 2009
Chinese Q3 GDP falls to 6.9%, lowest since 2009
20
Oct '15
China's economic output rose 6.9 per cent in the third quarter of this year to register its weakest growth since the 2009 global financial crisis, the National Bureau of Statistics (NBS) has announced. The government has set seven per cent as the GDP target for this year.

The latest figure is marginally lower than the 7 per cent growth in the first half of the year even as declining exports continue to mount pressure on the Chinese economy.

In the first three quarters of the year, GDP hit 48.78 trillion yuan ($7.68 trillion) up 6.9 per cent year on year, according to the NBS.

This is the first time the quarterly growth rate had dropped below 7 per cent since the second quarter of 2009.

China's exports growth dropped 7.9 per cent year on year in the first three quarters to 17.87 trillion yuan, according to the NBS.

During the first nine months, industrial output grew 6.2 per cent year on year and fixed-asset investment climbed 10.3 per cent. Property investment grew 2.6 per cent year on year, while retail sales of consumer goods rose 10.5 per cent.

As the exports continued to fall, Chinese economy is undergoing a painful transition from an export dependent economy to one based more on domestic consumption.

The economy suffered a series of shocks in the third quarter from extreme volatility of the Chinese stock market which at one time wiped out $3.2 trillion worth of capital triggering mass desertion of new investors.(SH)

Fibre2Fashion News Desk – India


Must ReadView All

Textiles | On 23rd Jun 2017

Textile ministry organises training workshop on GST

The ministry of textiles had organised training workshop on GST which ...

Apparel/Garments | On 23rd Jun 2017

Uware Brands into licensing agreement with Polaroid

Uware Brands has entered into a licensing agreement with Polaroid for ...

Textiles | On 23rd Jun 2017

Ralph Lauren ex-president Tiger of Sweden's new CEO

Hans-Christian Meyer, former president of Ralph Lauren Corporation,...

Interviews View All

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search