China’s economy grew at 6.8% in the third quarter year on year, slightly below the previous period but still above the government’s full-year target, boosting President Xi Jinping’s effort to consolidate power at a five-yearly Communist party congress, according to the Financial Times. Analysts have said that Mr Xi was determined to ensure strong growth in the lead-up to the party congress, where he will seek to install loyalists in key positions as part of the leadership transition. In his opening speech on Wednesday, Mr Xi noted that gross domestic product rose Rmb26tn during his first five years in office, declaring that “China has seen the basic needs of over 1bn people met.” With year-on-year growth of 6.9% through the first three quarters of 2017, China is all but certain to exceed its full-year target of “around 6.5%.”
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