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The Chinese economy expanded at a faster than expected rate in Q3 2005 with GDP increasing 9.4%. This is attributed to improved consumer confidence and increased investment in coal and rail industries. Defying Expectations The expected slowdown in the past 12 months failed to materialize with the economy underpinned by demand for cell phones, entertainment and travel. Growth for 2005 is expected to reach at least 9% according to the Government Statistics Bureau with the first 9 months averaging 9.4%. Industrial output increased 16.5% in September which is the highest figure since June and retail sales also looked healthy with an increase of 12.7%. Exports Up The increased demand for luxury products such as mobile phones and cars has offset the effect of decreasing exports which grew 25.9% in September and was the lowest increase since Q1 2004. Increased Income The first 9 months of 2005 saw a rise in per capita income of 9.8% in urban areas with rural areas showing a higher figure of 11.5%.
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