SHANGHAI —China's third-quarter gross domestic product advanced 7.8 percent, outpacing the 7.5 growth registered in the previous quarter as the country's new leadership ploughs forward with economic reforms aimed at creating more stable economic growth.
China's economy grew 7.7 percent in the first nine months of the year, the National Bureau of Statistics said on Friday.
Faced with the reality that the country's breakneck growth of the past, which was propelled by exports to the West and by heavy investment in real estate and infrastructure projects, is no longer sustainable, Beijing is moving forward with reforms that would result in a broad economic overhaul.
Other data released still indicates that reforms are slow going. Despite efforts to cool off the country's over-heated property market, home sales jumped 34 percent in September compared to the previous month.
"GDP growth stabilized in the third quarter on stronger industrial and real estate sector activity," William Adams, international economist for PNC Financial Services Group, said in a statement. "Real estate investment was moderate in the third quarter, but housing sales accelerated as prices rose rapidly, especially in China's largest cities."
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To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
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Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews