News Summary: China’s economy grows 7.8 percent
Posted at: 10/18/2013 1:05 PM
By The Associated Press
GROWTH QUICKENS: China’s economy, the world’s second largest, grew 7.8 percent in the latest quarter compared with a year ago, government data showed Friday. That was up from 7.5 percent growth in the previous quarter, which was the slowest in two decades.
THE DOMESTIC FALLOUT: The improvement eases pressure on communist leaders who say their priority is longer-term reforms aimed at steering the economy to slower, more sustainable growth based on domestic consumption instead of exports and investment.
WORLD IMPACT: The deceleration of China’s economy is denting revenues for suppliers of commodities and industrial components such as Australia, Brazil and Southeast Asia. Lower Chinese demand already has depressed prices for iron ore and other raw materials.
(Copyright 2013 by The Associated Press. All Rights Reserved.)