China’s economy remains resilient despite global stressors

China’s economy demonstrated resilience in the third quarter with growth accelerating to 4.5 percent year-on-year, according to the National Bureau of Statistics. This marked an improvement from the previous quarter’s 4.3 percent growth. Over the first three quarters, China's GDP expanded by 4.6 percent year-on-year to reach 107.11 trillion yuan, now valued at $15.94 trillion.

On a quarter-over-quarter basis, GDP growth was recorded at 1.2 percent. Despite challenges in the initial three quarters, the economy continued to grow, propelled by emerging growth drivers and favorable indicators. However, the NBS cautioned that the external environment remains intricate and unpredictable, while domestic demand remains insufficient.

It emphasized the need for intensified efforts to stimulate domestic demand and enhance supply. Industrial output surged by 5.3 percent year-on-year in the first three quarters, with September’s growth accelerating to 5.5 percent from 5.2 percent in August. Retail sales climbed by 1.1 percent year-on-year in September, compared to 0.4 percent growth in August.

The overall growth for the first nine months stood at 1.1 percent. However, fixed-asset investment declined by 7.2 percent year-on-year in the first three quarters, mirroring the decline in the first eight months. The surveyed urban unemployment rate was 5.2 percent in September, a decrease from 5.3 percent in August.