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Slower property, construction surge weigh on China Q3 GDP, although services gain
In the third quarter China reported relatively firm economic surge, powered by an ascending services industry, although real estate and construction seem struggling because property cooling measures start biting, as data disclosed on Friday.
China's property sector managed to grow 3.9% during the quarter from 2016, also decelerating from 6.2% in the second quarter and demonstrating the slowest tempo in almost two years, as the National Bureau of Statistics told in a more detailed breakdown of third-quarter GDP data released on Thursday.
Surge in construction activity slumped from 5.4% in the second quarter to about 4%, which is the poorest expansion since the fourth quarter of 2000, as NBS data revealed.
Construction and property together show 13.3%, with property alone impacting up to 40 other industries.
China had reported forecast-confounding surge in the first half of 2017, led by a steep turnaround in the long-ailing industrial sector, accounting for a third of the Chinese economy.
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