Forex Flash: Positive China GDP data a relief for authorities that are defying stimulus - ING (Barcelona) - China's Q3 GDP figures, released on Thursday by the National Bureau of Statistics of China, showed 7.4% growth year-over-year (slightly down from +7.6% registered the previous month) and a 2.2% rise quarter-over-quarter (in comparison with +1.8%). Year-to-date growth of 7.7% year-over-year was more positive than the official growth forecast for 2012 of 7.5%.

In the opinion of the ING analyst Prakash Sakpal, these results are “a relief for the authorities that are defying the stimulus.” The expert adds that “2012 will be a write-off year for China as far as growth is concerned”, while 2013 will most probably bring “a greater financial policy accommodation under the new administration” which will result in stronger GDP growth, possibly of 9.0%.