- China’s economy grows 11.5 percent in third quarter
- Economy on track to overtake Germany as world’s third largest
- Growth for the first nine months of the year also came in at 11.5 percent
- Numbers beat analysts’ forecasts amid boom in exports
BEIJING, China (APP) — China’s supercharged economy grew by a stunning 11.5 percent in the third quarter, surging ahead despite official efforts to cool the boom and putting it on track to overtake Germany as the world’s third-largest within weeks, according to data reported Thursday.
Growth exceeded forecasts, but was below the 11.9 percent rate reported in the previous quarter.
It was driven by a double-digit surge in exports and investment in factories and other fixed assets despite repeated interest rate hikes.
Growth for the first nine months of the year was 11.5 percent, the same rate recorded for the first half of the year, the National Bureau of Statistics reported.
But a spokesman said the government has succeeded in keeping the rapid expansion under control.
“Due to macro-economic controls, we have turned the economy from being an overheating one to being one of speedy growth,” bureau spokesman Li Xiaochao said.
The communist government wants to maintain fast growth to ease poverty but worries that a runaway expansion or overspending on real estate and other assets could ignite a financial crisis.
Beijing has raised interest rates five times this year to tamp down investment, and economists expect another hike later in the year.