China's Growth Accelerates To 8.9 Percent In 3rd Quarter

By: Associated Press | NBC4i.com
Published: October 22, 2009

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SHANGHAI
China's economy charged ahead in the third quarter, expanding by 8.9 percent thanks to lavish stimulus spending and a resulting boom in construction, share prices and consumer spending.

The Statistics Bureau said growth for the first nine months of the year was 7.7 percent. Officials earlier said they expect the economy to at least reach the annual growth target of 8 percent.

Despite surging share and property prices, consumer prices fell, with inflation at negative 1.1 percent this year.

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