China’s economy made major gains in the July-September quarter, with the country’s gross domestic product (GDP) advancing by 3.9 percent year-on-year to about $4.32 trillion (30.76 trillion yuan), picking up from a meagre 0.4 percent growth in Q2, 2022.
In the first three quarters, the country’s GDP grew by 3 percent year-on-year, 0.5 percentage points higher than that in the first half of 2022, according to data from the National Bureau of Statistics (NBS).
Many major economic indicators saw significant improvements compared with that in the second quarter, with production demand gradually recovering, and prices and employment remaining stable, Xinhua news agency, quoting the NBS statement, reported.
The Q3 GDP growth, exceeding market expectations of 3.4 percent, was boosted by various measures from Beijing to revive activity.
The latest economic growth figure was released just a day after President Xi Jinping secured a historic third term.
The country’s statistics agency, however, warned that the recovery was still not solid due to domestic and global headwinds.
A breakdown of Monday’s data showed that value-added industrial output by major industrial firms jumped 4.8 percent year-on-year in the third quarter, 4.1 percentage points faster than that in the second quarter.
With economic activities generally perking up, China’s consumer market has warmed up in the third quarter, with total retail sales of consumer goods posting a 3.5 percent year-on-year rise in the third quarter, reversing the 4.6-percent decline logged in the second quarter.
Fixed-asset investment sustained growth momentum in the third quarter, rising 5.7 percent from the same period a year earlier, up 1.5 percentage points from the second quarter.
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