MercoPress. South Atlantic News Agency

China slowing but expansion still above 9%.

China's economic expansion has slowed for the third consecutive quarter sliding to an annualized 9,1% which is almost in line with Beijing's target of 9%.

During the first quarter the Chinese economy steamed at 9,8% and in the second quarter 9,6%. Fearing an overheating of the economy in crucial areas such as construction and car manufacturing which could lead to inflationary pressures and higher interest rates, the government earlier this year imposed curbs on investment spending and banking lending.

The restrictions seem to be working but officials believe it's too early to lift them, "we should further enhance and expand the achievements of macro control to guard against a rebound of these problems", was quoted Zheng Jingping spokesperson for the National Statistics Office.

China's GDP growth during the first nine months of this year averaged 9,5%, with industrial production expanding 17% and investments, 27,7%. Per capita income in urban areas expanded 7%, reaching 7,072 Yuan and in rural areas to 2,120 Yuan with a 11,4% growth. A Euro is equivalent to 10 Yuan.

Another encouraging index was annualized inflation which decreased from 5,2% to 5,3%.

Exports in the first nine months totalled 416,2 billion US dollars (35,3% growth) and imports 412,3 billion (38,2%). Foreign investment in China increased 21% reaching 48,7 billion US dollars.

China's nerve racking expansion has been putting pressure on world's commodities markets pushing prices up, the most notorious of all crude, which has reached record levels with no short term prospects of falling back.

The Chinese economy, the world's seventh largest economy has become the second importer of oil behind United States.