China slowdown worrying sign for the Middle East economies as oil revenues could slip
China recorded a slower economic growth for the seventh quarter during the third quarter of the year at the same time of showing signs of pickup last month, where today’s reading reduced the urgency to add stimulus and offering support got a global expansion that curbed by Europe’s debt crisis.
Chinese economy announced its Gross domestic product reading concerning the third quarter of the year, where the nation’s economy expanded by 2.2% compared with a previous reading of 1.8% revised to 2.0% during the second quarter, while analysts’ expectations were 2.0%.
While the yearly gross domestic product reading recorded an actual of 7.4% compared with the previous reading of 7.6% during the third quarter last year, while analysts’ expectations were 7.4%.
Moreover, the world’s second largest economy’s rebounded growth may ease pressure on the communist party as officials began once-a-decade leadership transition next month.
Meanwhile, Chinese government paused monetary easing for three months in the world’s second largest economy even as data showed trade, manufacturing and inflation cooled during the quarter but policymakers believe in the nation’s economic health during the upcoming period.
China’s Premier Wen Jiabao noted that Chinese growth began to stabilize, adding that he expects more positive signs from the nation’s economy during the upcoming period which may boost the nation’s outlook amid the global instability.