China's economy recorded a growth rate in the third quarter that exceeded market expectations. While exports and manufacturing have supported this growth, recovery in domestic consumption, private investment, and the real estate sector remains sluggish.
The National Bureau of Statistics announced on October 19 that the country's gross domestic product (GDP) increased by 4.5% year-on-year in the third quarter. This figure surpassed the 4.4% forecast from a Reuters survey of 50 economists by 0.1 percentage points and was also 0.2 percentage points higher than the 4.3% growth rate in the second quarter. For the year to date, China's growth rate stands at 4.6%, aligning with the government's annual growth target of 4.5% to 5.0%.
According to the National Bureau of Statistics, the value added of large-scale industrial enterprises rose by 5.5% in September compared to the same month last year. This marks an increase of 0.3 percentage points from August and a month-on-month rise of 0.61%. The manufacturing Purchasing Managers' Index (PMI) registered at 50.1, indicating expansion as it surpassed the neutral mark of 50. Additionally, the business activity expectation index reached 53.8, suggesting that companies have a relatively positive outlook on future economic conditions. Strong export performance and demand in high-tech industries are believed to be bolstering manufacturing production.
In September, total retail sales of consumer goods amounted to 4.2433 trillion yuan, reflecting a year-on-year increase of 1.1%. Although this represents a 0.7 percentage point rise from August and a month-on-month increase of 0.35%, it is still difficult to assess the recovery in consumption as robust.
The National Bureau of Statistics reported a 0.07% increase in fixed asset investment in September compared to the previous month. However, cumulative investment for the year is down 7.2% year-on-year, continuing a downward trend due to a slump in the real estate market and weakened investment sentiment among private enterprises.
In September, China's total exports and imports reached 5.1628 trillion yuan, a year-on-year increase of 27.5%. Exports rose by 29.6%, while imports increased by 24.6%, indicating that exports continue to be a significant driver of China's economic growth.
The urban surveyed unemployment rate in September was 5.2%, down 0.1 percentage points from the previous month.
The National Bureau of Statistics stated, "As of the third quarter of this year, there have been positive changes in major economic indicators, and new achievements have been made in high-quality development." However, it also noted that the international environment is complex and rapidly changing, and the issue of insufficient domestic demand remains prominent, emphasizing that the foundation for stable economic improvement still needs to be solidified.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.