The gross domestic product recorded a rise of 9,9% in annual slide, against 12,2% over the same period of 2007, announced Monday the National office of statistics (BNS).
On the whole of 2007, the Chinese GDP had leaped of 11,9%, recording its fifth consecutive year of growth to two digits.
With the third quarters 2008, the growth just reached 9,0%, its lower level since the second quarters 2003, and the first quarter with only one figure since 2005.
From now on, the international crisis affects the Chinese economy, explained the spokesperson of the BNS Li Xiaochao.
“The growth rate of the worldwide economy notably slowed down. There are more factors of uncertainty and of volatility” on planet which “start to have an negative impact on the Chinese economy”, it underlined.
The first impact was the deceleration of Chinese exports, estimate the analysts.
“The deceleration of the growth was mainly the result of the deceleration of exports and of weaker investments in the real sector”, Jing Ulrich, economist of J.P. Morgan commented.( Finance Information City )
Shen Minggao, an economist attached to the financial magazine of Caijing reference, partly charges the deceleration of the economy to the third quarters “with the Olympic Games” from August in Beijing.
“But, even adjusted Olympic factor, the tendency to deceleration is obvious”, has it says to AFP.
This deceleration results in particular in the fall of the industrial production, to +15,2% since January -- and only +11,4% in September-- whereas it was still of +16,3% in first half of the year.
Within sight of these results, the analysts predict new series of measure intended to support the growth.
This one is become again the priority of the government since the summer and the beginning of the deceleration of the inflation, fallen in September with +4,6%, after having climbed to 8,7% in February.
“The government quickly will take tax measures, and policies concerning the credit and the trade”, estimated Merrill Lynch.
Beijing already announced its intention to increase the reductions of VAT in order to promote exports, while increasing the imports, not to increase the trade surplus.
It as indicated as it would support the real sector, at a meeting Friday, whose broad outlines were made public Sunday.
Another means to support the growth: to accelerate the investments in fixed assets.
“There are great needs for investments in construction downtown and transport, like in the rural areas”, underlined Li.
These investments already set out again besides with the rise: +27,0% over the first nine months of the year compared with 26,3% in first half of the year.
Just as the sales of detail, reflecting the domestic consumption that the authorities try to increase, remained strong (+22% since the beginning of the year, +23,2% in September).
Beijing thus wants to be reassuring: “Our economy remains vigorous and able to be defended vis-a-vis the international risks”, declared the Prime Minister Wen Jiabao Friday, according to China Nouvelle.
But the government also underlined the fall of the “rate/rhythm of progression of the profits of the companies and the budget revenue” and the “weakness” of the stock exchange places.
Shanghai Stock Exchange lost 70% since October 2007.
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