Sign up to receive FirstFT by email hereChina’s economy grew 6.7 per cent in the third quarter of 2016, putting the country firmly on track to meet the government’s full-year target of at least 6.5 per cent growth. But many analysts believe the growth has been the byproduct of a dangerous expansion in credit, especially for real estate developments and state-backed infrastructure projects.A boom in property values in metropolises such as Beijing, Shanghai and their environs — up 25 per cent or higher over the past year alone, according to Savills China — has spread to smaller cities this year. More than 20 urban governments across China have recently introduced measures to restrain house prices.China’s National Bureau of Statistics warned on Thursday: “With unstable and uncertain domestic and external factors, the foundation for continued economic growth is not solid enough.” In the newsIsis shifts its narrative Iraqi forces say they captured 20 villages in the first 24 hours of the offensive to take the city of Mosul from Isis fighters. The FT’s Erika Solomon reports from near the front lines in recaptured Badana al-Sagheera, and finds a town strewn with booby traps, secret tunnels and landmines. Meanwhile the jihadis are shifting their narrative as their so-called caliphate erodes, reminding devotees that the group does not need a territorial entity to survive.
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