China’s financial sector growing

Beijing, Oct 20 (IANS) The output of China’s financial sector jumped 16.1 percent year on year to 1.41 trillion yuan ($221.8 billion) in the third quarter, well above the national GDP growth of 6.9 percent, according to data from the National Bureau of Statistics (NBS).

The overall tertiary industry, including financial and other service sectors, expanded 8.6 percent in the third quarter from a year earlier, Xinhua cited the NBS figures as showing on Monday.

The primary industry grew only 4.1 percent, while the secondary industry grew 5.8 percent.

China’s economy continued to lose steam, the benchmark stock market index still hovers at a level more than 40 percent higher than the previous year, though market turmoil since June has subdued investment.

China has put more emphasis on promoting growth in services and domestic consumption in the process of deepening structural reforms.

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