China's economy shows signs of stabilising

A report on Thursday showed that China's economic growth slowed to 7.4 percent in the third quarter from 7.6 percent in the previous quarter.

However, other data indicated that the economy may be stabilising. Industrial production rose 9.2 percent in September from a year ago compared with 8.9 per cent in August. Retail sales rose 14.2 percent, up from 13.2 percent in August. Fixed-asset investments rose 20.5 percent in the first nine months of the year compared with 20.2 per cent in the first eight months.

“Judging from figures in the third quarter and particularly in September, the signs that the national economy is stabilising are clearer,” National Bureau of Statistics spokesman Sheng Laiyun said.

However, home prices in China slowed in September, although this too is probably welcomed by a government that has been trying to cool property prices. Prices in 31 out of 70 cities tracked by the government rose in September, down from 35 cities in August.

Elsewhere in the world, the UK reported on Thursday that retail sales rose 0.6 percent in September while in the US, the Conference Board's index of leading indicators rose 0.6 percent in September.