Investing.com– The Chinese economy expanded as forecasted in the third quarter, according to gross domestic product data released on Friday, although the growth rate remained below Beijing’s annual target.
Chinese GDP grew by 4.6% year-on-year in the three months ending on September 30, in line with expectations but decelerating from the 4.7% growth seen in the previous quarter.
GDP increased by 0.9% quarter-on-quarter, slightly below the anticipated 1%.
As a result, GDP growth for the year stood at 4.8%, still under Beijing’s 5% annual target.
In the past three weeks, Beijing has introduced a series of stimulus measures, the most concentrated effort by China to boost its sluggish economic growth. The Chinese economy has been weighed down by a sustained deflationary trend, weak private spending, and a prolonged downturn in the property market in recent years.
The recent stimulus measures have elicited mixed reactions regarding the economy, as Beijing has not disclosed crucial details about the timing and extent of these planned actions.
Nonetheless, the Chinese government has affirmed that the economy remains on track to reach its annual 5% target. Authorities have also unveiled targeted initiatives to support the property market and improve the debt situations of local governments.
Additional data released on Friday indicated that China’s industrial production and retail sales both exceeded expectations in September, while the country’s unemployment rate dropped to 5.1%, lower than the anticipated 5.3%.
Translated to B1 English:
Investing.com– The Chinese economy expanded as expected in the third quarter, according to gross domestic product data released on Friday, although the growth rate remained below Beijing’s annual target.
Chinese GDP grew by 4.6% year-on-year in the three months ending on September 30, in line with expectations but decelerating from the 4.7% growth seen in the previous quarter.
GDP increased by 0.9% quarter-on-quarter, slightly below the anticipated 1%.
As a result, GDP growth for the year stood at 4.8%, still under Beijing’s 5% annual target.
In the past three weeks, Beijing has introduced a series of stimulus measures, the most concentrated effort by China to boost its sluggish economic growth. The Chinese economy has been weighed down by a sustained deflationary trend, weak private spending, and a prolonged downturn in the property market in recent years.
The recent stimulus measures have elicited mixed reactions regarding the economy, as Beijing has not disclosed crucial details about the timing and extent of these planned actions.
Nonetheless, the Chinese government has affirmed that the economy remains on track to reach its annual 5% target. Authorities have also unveiled targeted initiatives to support the property market and improve the debt situations of local governments.
Additional data released on Friday indicated that China’s industrial production and retail sales both exceeded expectations in September, while the country’s unemployment rate dropped to 5.1%, lower than the anticipated 5.3%.