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Economy slows again

WORLD powerhouse China saw its economy slow for a seventh straight quarter between July and September this year.

The figures missed the government's target for the first time since the depths of the global financial crisis.

The National Bureau of Statistics said GDP grew 7.4pc in the third quarter from a year earlier.

Although growth of this level would be significant for recession-plagued developed economies, it represents a sharp slowdown for China. GDP in China grew 9.2pc in 2011 and has averaged an annual rate near 10pc for three decades.

However, economists say that this is an indication that the economy is showing signs of stabilising.