China’s economy grew by 6.8 percent in for the third quarter, according to official data released on Thursday.
The latest GDP figures proved slightly slower than that of the previous quarter, however they are still above Beijing’s annual growth target of 6.5 percent for the year.
The second-largest global economy is tasked with limiting its debt and manage the housing market, without affecting growth.
This is seen to have somewhat limited economic activity in some regions of the country, but this has been ultimately mitigated by higher-than-expected rise in trade and bank lending.
This has led to analysts and financial organisations such as the International Monetary Fund to call for urgent economic reform within the country.
“China’s high debt burden is an area where reform is most urgently needed but progress has been the slowest,” commented Chi Lo, senior economist at BNP Paribas Asset Management.
The GDP figures come ahead of the scheduled Communist Party congress, with President Xi Jinping set to deliberate on the nation’s economic and political agenda.
“China’s economy has been transitioning from a phase of rapid growth to a stage of high-quality development,” Mr Xi stated at the official opening of congress on Wednesday.
China’s growth has markedly slowed in the aftermath of the global financial crisis, falling from 10 percent annually in the previous three decades to a rate of 6.7 percent last year.
However, on the most part, investors have see than economy as more robust than previously expected, despite a varied set of figures.
Data last week revealed China’s import and export growth rose in September, a positive indicator for the state of trade in the country.
Retail sales grew 10.3 percent in September from a year previously, slightly less than analysts’ expectations of 10.2 percent.
In addition, factory output rose 6.6 percent in September from a year earlier, beating expectations.
Conversely, fixed investment failed to impress with a 7.5 percent expansion in the first nine months.
In addition, China’s banks extended more loans than expected last month, boosted by strong demand from home buyers and businesses.