GDP growth slows to 9% in 3Q

China’s economy grew 9% in the third quarter, the slowest rate in the last five years, Bloomberg reported, citing official statistics released today. The news underlined concerns that the global financial crisis would affect growth on the mainland. China’s economy expanded by 12% in 2007 and 10.1% in the second quarter of this year. The State Council said after a meeting chaired by Premier Wen Jiabao that global financial troubles and economic instability will have a "gradual" effect on China, and that growth, corporate profits and public revenues would slow. Many analysts expect that the government will move to stimulate the economy in response to the slowdown with increased easing of monetary policy controls.