China Economy Rebounds In Third Quarter

China has said its economic growth was on track in the third quarter, potentially easing pressure for more stimulus.

The world's second-largest economy grew by 7.8% over a year earlier in the three months to the end of September - up from a two-decade low of 7.5% the previous quarter.

National Bureau of Statistics spokesman Sheng Laiyun told a news conference: "The fundamentals of China's economy are turning for the better."

But analysts warned the rebound might not last because growth depends on government spending amid weak global demand and Chinese consumer spending.

Spending on factories and other fixed assets contributed 55.8% of the latest quarter's growth, or 4.3 percentage points of the 7.8% expansion, according to Mr Sheng.

Domestic consumption was 3.7 percentage points of the total.

Trade was so weak that its contribution to overall growth was negative, according to Mr Sheng, and detracted 0.1 percentage point from the quarter's growth rate.

September exports suffered a rare and unexpectedly sharp decline of 0.3%, falling short of forecasts.

Surveys of manufacturers show September activity barely expanded.

Nevertheless the improvement eases some pressure on communist leaders who say their priority is longer-term reform aimed at steering the economy to slower, more sustainable growth based on domestic consumption instead of exports and investment.

The abrupt drop in global demand for Chinese goods prompted them to backtrack temporarily and launch a mini-stimulus of higher spending on railway construction and other public works to prop up growth and avoid politically dangerous job losses.

Communist leaders are due to meet in November to craft an economic development blueprint that reformists hope will include market-opening and more financial support to private entrepreneurs.

The country's top economic official, Premier Li Keqiang, said earlier the government would try to keep growth above 7.5%.

That is far above levels forecast elsewhere in the US, Europe and Japan but barely half of 2009's 14.2% growth.

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