China yesterday announced steps to boost its property market and help exporters after new data showed a sharper-than-expected decline in its growth rate, as the impact of the global financial crisis began to take hold.

After five years of double-digit expansion, figures for the third quarter showed the annual growth rate falling to 9 per cent - well below most pessimistic forecasts. The Chinese State Council, the country's cabinet, also said it was planning increases in infrastructure spending after the economy's growth rate fell for the fifth quarter in a row.