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Property sales have slowed in China as regional governments clamp down on real estate transactions.   © Reuters
Economy

Stability, rather than growth, emerges as Xi's No. 1 goal

Chinese leader willing to risk slowdown for better economic foundation

ISSAKU HARADA, Nikkei staff writer | China

BEIJING -- Although China's efforts to prevent a property bubble and protect the environment have cast a shadow on economic growth, President Xi Jinping seems more committed than ever to improving the "quality" of the country's economy.

Real gross domestic product rose 6.8% on the year in the July-September quarter, down 0.1 point from the April-June period. Economic growth slowed for the first time in six quarters in part due to higher interest rates. The People's Bank of China has guided rates higher since the beginning of the year to prevent overheating in the housing market, which in turn has affected mortgage and other interest rates. Regional governments have also restricted property sales.

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