China’s economic growth accelerated for the first time in three quarters, as Premier Li Keqiang spurred factory output and investment to meet the government’s expansion goal for 2013.
Gross domestic product rose 7.8 percent in the July-September period from a year earlier, the National Bureau of Statistics said today in Beijing, matching the median estimate in a Bloomberg News survey. Industrial production advanced in September by 10.2 percent, in line with projections, while retail sales gained 13.3 percent.
The pickup reflects Li’s implementation of what Bank of America Corp. called a “mini fiscal stimulus,” including railway spending and tax cuts, to support the world’s second-largest economy. Today’s figures also showed home sales jumped 34 percent in September from the previous month even amid restrictions aimed at preventing a bubble, adding to signs of imbalances that may cast doubt on the recovery’s staying power.
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