The latest GDP figures from the eastern provinces suggest China's economic growth decline might have come to an end and started to rebound, analyst said.
Guangdong province, China's largest economic powerhouse, posted a 7.9 percent year-on-year growth in the first three quarters of this year. The growth rate, though lower than last year's, [Hong Kong Company Formation, Incorporation, Business Registration]was half a percentage point higher than it was in the first half of the year.
The provincial statistics bureaus do not release data for a single quarter.
Investment, a major engine of China's economic growth, also showed a rebound in Guangdong, where fixed-asset investment in the first three quarters grew by 13.9 percent, compared with 11 percent in the first half-year. "The rebound in the investment sector showed that a raft of stimulus measures enacted by the central and local governments, mainly in the infrastructure sector, have been taking effect," said Xu Fengxian, a regional economics expert at the Chinese Academy of Social Sciences.
Jiangsu, the second-largest province in China in terms of GDP, also registered faster growth. In the first three quarters, its economy expanded by 10.1 percent, 0.2 percentage point higher than that of the first half-year.
While in Zhejiang, another coastal province with an export-oriented economy, GDP grew by 7.7 percent, [HongKong Richful - Hong Kong Company Formation, Offshore Company Incorporation]0.3 percentage points higher than that of the first half of the year.
"The ducks know it first when water gets warmer in the spring," said Sheng Laiyun, spokesman for the National Bureau of Statistics, citing a Chinese proverb. "Historically, eastern provinces are among the first to sense the tipping point in the national economy."
Cheng Jiansan, a regional [HK Corporate Registration]economics expert in Guangdong, also said the province's economic rallies and slumps are usually a quarter to a half-year ahead of the nation.
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