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China Growth Suggests Economy on the Mend

Bicycle assembly at the Giant Manufacturing Co. Ltd. factory in the Kunshan area of Suzhou, Jiangsu Province, China.
Bicycle assembly at the Giant Manufacturing Co. Ltd. factory in the Kunshan area of Suzhou, Jiangsu Province, China. Photograph by Nelson Ching/Bloomberg

Has China’s economy bottomed out?

Economists and analysts are posing that question following the Oct. 18 announcement that gross domestic product grew 7.4 percent in the third quarter, from a year earlier, down from 7.6 percent growth in the previous three months. China’s economic growth has started to stabilize, Premier Wen Jiabao said in a recent meeting with heads of Chinese companies, industrial leaders, and local government officials, the Xinhua News Agency reported on Oct. 17. The economy will continue to show “positive changes,” Wen said. He has set a target of 7.5 percent growth for the year.