A Chinese worker outside a construction site in the Central Business District of Beijing on Tuesday. The third-quarter pace slowed from 6.9% in the second quarter, though it puts the full-year target set by the leadership for growth of about 6.5% well within reach. Adding to a sense of optimism in official circles, China’s central-bank Gov. Zhou Xiaochuan said just days ahead of the political conclave that second-half growth could reach 7%. Increased industrial activity and higher commodity prices were major reasons behind the strong growth. The latter, partly a result of policies to cut overcapacity, benefited state-owned manufacturers in particular. That is because the capacity cuts led to the closures of many private firms, especially in industries like coal and metals. Recovering global demand also helped, giving China some economic breathing room, which has meant an economic slowdown that many expected hasn’t materialized. Industrial production, a main gauge […]