By  on October 18, 2013

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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