China’s economy saw a slow down for the seventh quarter, impacted by the global economic slowdown which has resulted in GDP growth missing government targets.

While GDP expanded by 7.4 percent from last year, the figure represents a significant slowdown in growth from an average 10 percent increase in the past three decades.

Premier Wen Jiabao was reported by local media to have said that the economy in the third quarter was relatively good and that economic growth goals of 7.5 percent were still achievable.