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Spending on factories and other fixed assets contributed 55.8 percent of the latest quarter's growth, or 4.3 percentage points of the 7.8 percent expansion, according to Sheng. Domestic consumption was 45.9 percent of growth, or 3.7 percentage points of the total. Trade was so weak that its contribution to overall growth was negative, according to Sheng, and detracted 0.1 percentage point from the quarter's growth rate. September exports suffered a rare and unexpectedly sharp decline of 0.3 percent, falling short of forecasts. Surveys of manufacturers show September activity barely expanded. The International Monetary Fund is forecasting Chinese growth this year of 7.6 percent, which would be the weakest performance since the early 1990s. Some private sector analysts have cut their growth forecasts for next year to below 7 percent. In an apparent effort to lower expectations, Finance Minister Lou Jiwei said in June that growth as low 6.5 percent might be acceptable. In a positive sign for the ruling party, Sheng said the economy created 10 million jobs in the first three quarters of the year. Factory output in September rose 10.2 percent from a year earlier, up 1.1 percentage points from the first half's growth rate, according to statistics bureau data.
Growth in fixed asset investment rose 20.2 percent in the first three quarters of the year, compared with 20.1 percent for the first half, the data showed. Retail sales also accelerated, rising 13.3 percent in September, up from a 12.9 percent growth rate for the first three quarters.
[Associated
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