China’s 3Q growth of 6.7% was clearly driven by the housing market and a rebound in the financial industry, a breakdown of the latest GDP figure from the National Bureau of Statistics showed.
The real estate sector was the fastest growing segment of China’s economy, rising 8.8% in the third quarter, tying for top place with “other services,” which had slowed from 9% in the second quarter.
The financial sector rebounded to 5.6% from 5.3%, thanks to a surge in business activity due to positive sentiments in the stock market and a high demand for mortgage lending.
The wholesale and retailing trade also accelerated to 7% after expanding 6.5% in the second quarter, as rising property prices drove home furnishing-related spending.
The construction industry suffered the largest setback in the third quarter, slowing to 6% from 7.3%.
The statistics bureau publishes the breakdown of the GDP figure in nine major sectors. The latest figures were: real estate 8.8%; other services 8.8%; wholesale and retail 7%; logistics 6.5%; hospitality 6.5%; industrial 6.1%; construction 6%; financial 5.6%; agriculture 4.1%.