"The total value added of the industrial enterprises above designated size in the first three quarters was up by 6.7 percent year-on-year in real terms, 0.7 percentage point higher than the same period last year", the report read.
China's growth in the first two quarters of the year came in at 6.9%, year-over-year, but Capital Economics China economist Julian Evans-Pritchard says: "A less supportive fiscal policy stance and slower credit growth should result in a slowdown over the coming months". As such, the final number is likely to fall between the country's expectation of 6.5% and the IMF's forecast of 6.8%.
"The data show that some deleveraging is continuing and government reforms are working but growth is still being supported at a reasonable rate", said Kaori Yamato, senior economist at the Mizuho Research Institute in Tokyo. The ease in growth is mostly due to a cooling in property and infrastructure investment.
China's economy has surprised global financial markets and investors with robust growth so far this year, driven by a renaissance in long-ailing "smokestack" industries such as steel.
Chinese officials on Thursday (Oct 19) heaped praise on President Xi Jinping's political ideology, unveiled a day earlier at a key Communist Party Congress, a sign that it could be enshrined in the party's Constitution and further cement his power.
In a nutshell, bank lending and rise in trade has helped offset debt and the attempted containment of the housing bubble that China is now experiencing. The figure corresponds with a slower quarterly growth of 1.7 percent quarter-on-quarter in the September quarter.
Retail sales expanded 10.3% in September from a year earlier, accelerating from a 10.1% increase in August.
China's factory output grew 6.6 per cent in September from a year earlier, beating expectations, while fixed investment disappointed with a 7.5 per cent expansion in the first nine months of the year. This was also weaker than the expected 7.7 percent.