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Explainer | China’s economy ‘turned a corner’: 7 takeaways from third-quarter GDP, September data
- China’s economy grew by 4.9 per cent in the third quarter, year on year, and by 1.3 per cent sequentially from the previous three months
- China’s retail sales grew by 5.5 per cent in September, but real estate investment fell by 9.1 per cent in the first three quarters
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China’s economy sees a resurgence in the third quarter, beating forecasts
China’s economy sees a resurgence in the third quarter, beating forecasts
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1. Pickup under way in China
China’s economy grew by 4.9 per cent in the third quarter, year on year, higher than the 4.5 per cent rise expected by Chinese data provider Wind, but down from the 6.3 per cent year-on-year expansion in the second quarter.
Beijing has set an annual growth target of around 5 per cent, and China’s economy grew by 5.2 per cent in the first three quarters of 2023, year on year.
National Bureau of Statistics deputy director Sheng Laiyun said on Wednesday that, due to the low comparison base from last year, China only needs to realise year-on-year growth of 4.4 per cent in the fourth quarter to achieve leadership’s full-year target.
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“We’ll focus on boosting effective domestic demand, invigorating market entities and implementing already-released policies … to accomplish this year’s social and economic development goals,” Sheng said on Wednesday.
Sequentially, China’s gross domestic product (GDP) rose by 1.3 per cent from the previous three months, up from the sequential rise of 0.8 per cent in the second quarter.
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