China's Gross domestic product (GDP) will grow 8.5% year on year in the third quarter, according to a report from the government's State Information Center (SIC). This figure compared with a year-on-year economic growth of 7.9% in the second quarter, and 6.1% in the first quarter, the lowest quarterly rise since 1999.

The consumer price index (CPI), an important gauge of inflation, would fall 1.3% in the third quarter from a year earlier. The producer price index (PPI), which measures inflation at the wholesale level, was expected to drop 7.9% year on year, said the report.

Yin Zhongqing, deputy director of Finance and Economy Committee of China People’s Congress (NPC), said in an interview that from the beginning of this year, Chinese national economy and social development have seen positive changes, with the economic growth touching the bottom and rebounding, thus realizing “V”-shape recovery to lay a solid foundation for a whole year’s GDP growth target of about 8%.