In China, economic growth rate drops for the third quarter in succession and there are fears that the economy may see an intense downturn in the coming days.
According to the National Bureau of Statistics, during the 3rd Q the economy grew at a rate of 9% that was 10.1% down compared to previous quarter.
Li Xiaochao, a spokesman from the National Bureau of Statistics, says in this connection, “The government wasn’t expecting such an intense impact of the global financial crisis.”
During July a considerable surge was noticed in wholesale inflation that left the increasing prices at the fastest pace in almost thirty years. After that recent drop in oil and other commodity prices, there are hopes that inflation may be bridled, but some economists believe that it will take some more time to ease that pressure on Wall Street after the widespread nature of the July price surge.
According to the Labor Department report, there was 1.2 percent increase in wholesale prices during July and the rising costs for energy and other materials were the basic factors behind surge.
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