China's annual economic growth quickened to 7.8 percent between July and September from 7.5 percent in the previous three months, the fastest growth this year and in line with expectations, officials announced on Friday (October 18).

Other data released alongside the gross domestic product (GDP) data showed industrial output grew 10.2 percent in September from a year ago, versus expectations of 10.1 percent.

Retail sales in September rose 13.3 percent on a year ago versus an expected 13.5 percent.

Fixed-asset investment grew 20.2 percent in the first nine months from a year earlier, versus an expected 20.3 percent. The government only publishes cumulative investment data.

Many investors have been concerned about the fragility of China's economic revival, especially after a surprise fall in export growth in September.

After three decades of blistering expansion fuelled by exports and investment, Beijing is trying to shift the economic mix so that activity is geared much more to consumption. That means a slowdown from the double-digit growth of previous years.

The GDP readings keep China on track to achieve the government's 2013 growth target of 7.5 percent, stronger than other major economies but still the worst performance for the country in 23 years.

Presented by Adam Justice