China GDP: Economic Growth Slows To 7.4%
Global shares are driven higher by China's economic figures, despite it growing at its slowest pace since the start of 2009.
The country's economy grew 7.4% between July and September, according to official statistics, compared with 7.6% growth in the previous quarter.
"This is within expectations, the economy is showing signs of stabilising and that is good news," Hong Kong-based Credit Suisse economist Dong Tao said.
"We think that with rebounding property markets, stabilising export orders, resuming consumption, we probably have seen the bottom of the economy.
"The economy can bounce back quickly."
The figures reassured investors, with Asian stock markets rising overnight.
Japan's Nikkei hit a three-week high, rising 2%, and Hong Kong's Hang Seng was up 0.6%.
In London, the FTSE rose 0.2% and Germany Dax increased by 0.14% in early trading.
But while these GDP figures would be cause for celebration in recession-hit economies like the UK, it marks the seventh consecutive quarter of slowing growth in China, as its main export markets, Europe and the US, continue to battle economic problems.
Beijing has attempted to boost growth this year by cutting interest rates twice in quick succession and slashing banks' capital requirements to encourage lending, but with little success.
It has also shifted its focus to quality growth, rather than quantity, and lowered its target to 7.5% growth in 2012, compared with the 8% target of recent years.
Other data released alongside GDP showed industrial output grew by 9.2% in September compared with the same month last year, and retail sales were up 14.2%.