China’s economy is still growing at a steady pace.
The world’s second largest economy expanded 6.7% in the third quarter, according to official data released Wednesday. That’s exactly the same pace as the two previous quarters and right in line with what economists had forecast.
The Chinese government is trying to achieve a delicate balancing act of shifting its economy away from its traditional reliance on debt-fueled investment and exports. But it’s attempting the feat at a time when growth is dropping off from the torrid pace of recent decades.
Analysts have expressed concerns about the possible impact on future growth from overheating property prices in major Chinese cities, sluggish investment from private companies and soaring debt levels.
Many experts have questioned the accuracy of China’s headline growth figures, and some have come up with their own alternative gauges of what’s really going on in the economy.
Before the growth data published Wednesday, economists were forecasting growth of 6.6% for the whole of 2016 — slower than last year’s 6.9% but within the government’s target range.
