China: GDP grows 11.5% in the first three quarters

China: GDP grows 11.5% in the first three quarters

According to the State Statistics Bureau, China's national economy continued stable and rapid development throughout the duration of this year.

The country's gross domestic product (GDP) hit 16.6043 trillion yuan ($2.1 billion) in the first three quarters of this year, with year-over-year growth of 11.5%. The figures represent 0.7% growth compared to the same period last year.

As China's domestic market sales grows rapidly, consumer prices continue to rise as well.

The total retail sales of social consumer goods in the first three quarters grew 15.9% over the previous year to 6.3827 trillion yuan. The first three quarters of the consumer price index rose by 4.1% year-on-year, mainly attributed to food prices. The consumer price rose by 6.2% year-on-year in September, lower 0.3% than that in August.

There is also a substantial increase in the income of residents in urban and rural areas. The per capita disposable income of urban residents in first three quarters is 10,346 yuan. Discounting the effect of price factors, the actual growth was 14.8%.

As at the end of September, the increase in the number of new employers in cities and towns reached 9.2 million people, has completed the goal of 9 million this year.

According to reports, national housing prices are rising substantially as well. From first quarter to third quarter, the home sales price in 70 large and medium-sized cities has rose 6.7% cumulatively.