Chinese economy grows at 'slower' 9.6%

The Chinese economy expanded by 9.6% in the third quarter, a slight drop from 10% in the previous period.

While the Communist state is still expanding far faster than any other major economy, China earlier this week increased interest rates for the first time in three years, in a bid to bring about more sustainable growth levels. While growth slowed somewhat, inflation increased at the fastest pace in almost two years in September. Prices rose 3.6% year-on-year, the fastest increase since October 2008. Food prices worryingly saw a significant jump over, rising more than 6%.