China's GDP Expands by 4.6% in Third Quarter, Growth Targets More Optimistic
China experienced remarkable economic growth in the first three quarters of 2024, according to data released by the National Bureau of Statistics on Friday.
TroibNews 
China's economic growth showed remarkable progress during the first three quarters of 2024, according to data released by the National Bureau of Statistics (NBS) on Friday.
In the third quarter, the country's gross domestic product (GDP) grew by 4.6 percent, following a 4.7 percent increase in the second quarter. For the first three quarters combined, China's GDP grew by 4.8 percent, surpassing 94.97 trillion yuan, as reported by the NBS.
At a press conference on Friday, NBS deputy director Sheng Laiyun noted that given the economic performance during the first three quarters and the implementation of incremental policy measures, the conditions for recovery are improving, and confidence in achieving the five-percent annual growth target is increasing.
The outlook for the world’s second-largest economy remains positive. This sustained growth, which exceeded economist predictions in a recent Reuters poll, can be attributed to a series of proactive stimulus measures announced by the Chinese central government in September.
Industry experts are displaying optimism. Bruce Pang, chief economist at JLL, mentioned in a note to CN that the five-percent growth target is achievable if the stimulus package is put into effect promptly.
Recent policies have particularly concentrated on supporting and developing the real estate market. During the National Day holiday, housing sales surged across various Chinese cities, a trend attributed to a directive issued by authorities in late September that aimed to reduce mortgage rates for existing loans, lower down payment ratios, and ease purchase restrictions.
The central government has additionally encouraged local governments to adopt proactive strategies for their own development.
Other sectors also witnessed positive results in the first three quarters, with industrial output rising by 5.8 percent year on year and retail sales of consumer goods increasing by 3.3 percent, supported by favorable trade-in offers.
Furthermore, China's passenger vehicle market gained traction in the third quarter, buoyed by the introduction of several new vehicle models during the September and October holiday periods.
Sheng concluded that the economy is projected to maintain its recovery momentum from September into the fourth quarter, expressing confidence that the nation will achieve its five-percent annual growth target.
Mark B Thomas for TROIB News
In the third quarter, the country's gross domestic product (GDP) grew by 4.6 percent, following a 4.7 percent increase in the second quarter. For the first three quarters combined, China's GDP grew by 4.8 percent, surpassing 94.97 trillion yuan, as reported by the NBS.
At a press conference on Friday, NBS deputy director Sheng Laiyun noted that given the economic performance during the first three quarters and the implementation of incremental policy measures, the conditions for recovery are improving, and confidence in achieving the five-percent annual growth target is increasing.
The outlook for the world’s second-largest economy remains positive. This sustained growth, which exceeded economist predictions in a recent Reuters poll, can be attributed to a series of proactive stimulus measures announced by the Chinese central government in September.
Industry experts are displaying optimism. Bruce Pang, chief economist at JLL, mentioned in a note to CN that the five-percent growth target is achievable if the stimulus package is put into effect promptly.
Recent policies have particularly concentrated on supporting and developing the real estate market. During the National Day holiday, housing sales surged across various Chinese cities, a trend attributed to a directive issued by authorities in late September that aimed to reduce mortgage rates for existing loans, lower down payment ratios, and ease purchase restrictions.
The central government has additionally encouraged local governments to adopt proactive strategies for their own development.
Other sectors also witnessed positive results in the first three quarters, with industrial output rising by 5.8 percent year on year and retail sales of consumer goods increasing by 3.3 percent, supported by favorable trade-in offers.
Furthermore, China's passenger vehicle market gained traction in the third quarter, buoyed by the introduction of several new vehicle models during the September and October holiday periods.
Sheng concluded that the economy is projected to maintain its recovery momentum from September into the fourth quarter, expressing confidence that the nation will achieve its five-percent annual growth target.
Mark B Thomas for TROIB News
