By Sumit Roy
The country's economy hasn't seen the hard landing many had feared.
China GDP Growth
While U.S. economic data were nonexistent during the final days of the government shutdown last week, overseas it was another matter, as a plethora of figures were released. None, however, was more important than the latest gross domestic product data from China.
The Asian giant said its economy expanded by 7.8 percent year-over-year in the third quarter, equal to expectations, but up from the second quarter's 7.5 percent rate.
As can be seen from the chart above, over the last several quarters, China's growth rate has been hovering very close to the government's official 7.5 percent target.
In other words, officials seem to have been successful in their attempts to orchestrate a soft landing for the economy. Many had feared that China's shift from a manufacturing-based economy to a more consumption-based economy would lead to a sharper decline in growth. The evidence suggests that that hasn't been the case, at least thus far.
As arguably the world's most important country when it comes to commodity demand, China will remain a focus for traders as it continues its economic transition.