China's economic growth slows to 9.1 percent in Q3

HONG KONG, Oct. 18 (Yonhap) -- China's economic growth slowed in the third quarter of the year from three months earlier, the statistical agency said Wednesday, amid the country's continuous monetary tightening and uncertainties of the global economy.

The country's gross domestic product (GDP) grew 9.1 percent on-year in the July-September period, down from the 9.5 percent expansion recorded in the second quarter of 2011, the National Bureau of Statistics said.

The Chinese economy, the second-largest in the world, is forecast to grow around 9 percent this year, down from a 10.3 percent expansion a year earlier. Beijing, however, is targeting the 8 percent range to contain the growth rate.

Monetary tightening in China has raised fears in the market that it could undermine the country's economy, which has been seen as a growth engine for the global economy.

China recently faced the country's worst inflationary pressures triggered by excessive liquidity and an overheated economy.

The Chinese government has started to roll back the stimulus package it introduced at the end of 2008, while the central bank raised the benchmark interest rate for the third time this year.

Weakening export demand in the United States and Europe has also added to concerns for the world's No. 2 economy.