China's GDP soars 7.8% in Q3

Beijing, Oct. 18 (ANI): China's gross domestic product (GDP) growth has reportedly soared to 7.8 percent in the third quarter, up from 7.5 percent in the second quarter.

Spokesman for the National Bureau of Statistics, Sheng Laiyun said that China's economy has maintained a steady growth with major indicators staying within the rational range.

According to the NBS data, the GDP totaled 38.68 trillion yuan in the first nine months and stood at 7.7 percent, in line with market expectations and above government's full-year target of 7.5 percent.

Sheng said that major economic indicators are in favour of promoting economic restructuring and pushing forward reforms, adding that the authorities would let the market play a better role to bring out the economy's intrinsic vigor.

Recently, Chinese President Xi Jinping expressed confidence in the country's economic future and said that the slowdown is an intended result of China's own regulatory initiatives. (ANI)