CRI听力:China's economy grows 6.7 percent in the third quarter

Growth of 6.7-percent in both the 1st, 2nd and 3rd quarters has most observers now suggesting the Chinese government stands poised to meet its full-year growth target of between 6.5 to 7-percent.

The analysis released along-side the new figures from the National Bureau of Statistics emphasizes this as well.

The NBS says China's growth has been maintained through the 3rd quarter as a result of expanded aggregate demand, supply-side structural reforms and new economic drivers.

Some of the 3rd quarter growth has been boosted by revenue increase from some sectors the government has identified as suffering from overcapacity, such as steel and coal.

Sheng Laiyun spokesperson with the Stats Bureau says this would likely be a temporary phenomenon as central authorities continue to push ahead structural reforms.

"Certian regions have been reporting that some firms have had the impulse to return to large-scale production. In saying that, there are a few things I want to emphasise, the first being that overall structural reforms in China is the central government's determined overall policy as part of the new normal."

The "new normal" is the term used to mark the switch from high-volume, low value production to more stable, high-value production.

The NBS says a stronger 3rd quarter performance in the high-tech and equipment manufacturing sectors has helped industrial output expand 6-percent in the first three quarters.

Another area of growth has been in real estate.

Investment growth in the sector rose to 5.8-percent through the first 3-quarters, a slight increase from the 5.4-percent over the first 8-months.

Numerous cities in China are moving to restrict home sales, leading to concerns that growth will take a hit.

But Sheng Laiyun says their analysis is suggesting the restrictions are beginning to bear fruit.

"Based on the situation in the almost half a month that's passed since October - because we haven't got all the data yet - based on a portion of the data, you can say that the adjustment and control policies have borne initial fruit, in some of the hottest cities, mainly the first tier and a few second tier ones, the property price have experienced a narrow decline."

Beyond industry and real estate, many have been looking at the Chinese government's new focus for economic growth: namely the service and high-tech sectors.

Yao Jingyuan, economic specialist with the State Council, says both these sectors appear to be stable.

"The service sector has been performing better. And the expansion of the sector has helped to drive up and stabilize employment to a large extent, while also help to improve people's livelihood. The high-tech industry has also contributed to the steady growth of the economy. Industries like new energy vehicles, artificial intelligence, aerospace and e-commerce have all become new drivers for growth. "

The National Bureau of Statistics has said there are a number of uncertian factors, both inside and outside China, which could hamper economic growth.

Many believe the latest figures should be a much-needed ‘shot in the arm' to bolster confidence amid the continued economic pressure.