China’s Gross Domestic Product (GDP) growth in the first three quarters should exceed 7 per cent, Xiong Bilin, said deputy director general of the Industry Department of the National Development and Reform Commission (NDRC) on Monday.
The specific GDP growth figure in the first three quarters is scheduled to be released on Thursday.
Few difficulties stood in the way of China realising its annual target -- made early this year -- of 8 per cent GDP growth year on year, said Mr. Xiong at a press conference highlighting production overcapacity.
The government’s 4-trillion-yuan ($585.65 billion) stimulus package, rolled out in November last year, contributed much to the economic recovery, he said.
China’s GDP growth was 7.1 per cent in the first half over the same period last year with 6.1 per cent in the first quarter and 7.9 per cent in the second.
The NDRC would mainly redress production overcapacity in six sectors including steel, cement, plate glass, the coal-chemical industry, polycrystalline silicon and wind power equipment, said Mr. Xiong.
The NDRC also warned of obvious production overcapacity in sectors like electrolytic aluminum, ship manufacturing and soybean oil extraction.