In the third quarter, the Chinese economy expanded in line with expectations but continued to fall short of Beijing’s annual growth target, according to gross domestic product data released on Friday. China experienced a year-on-year growth of 4.6% for the three months ending September 30, a slight deceleration from the 4.7% growth recorded in the previous quarter. On a quarter-on-quarter basis, the economy expanded by 0.9%, marginally below the anticipated 1% growth. This resulted in a cumulative year-to-date growth rate of 4.8%, remaining under Beijing’s 5% annual objective.
Over the past three weeks, the Chinese government introduced several stimulus initiatives, representing its most concentrated efforts to bolster the country’s sluggish economic growth. The persistent issues of deflation, weak consumer spending, and an ongoing downturn in the property market have been significant challenges for China’s economy in recent years. Despite these stimulus measures, reactions have been mixed, as Beijing has yet to disclose crucial details regarding the timing and extent of these planned interventions.
Nonetheless, Chinese authorities express confidence that the economy is still on track to meet the 5% annual growth goal. The government has also announced specific measures aimed at supporting the property sector and plans to enhance the financial standing of local governments. Additional data released on Friday indicated that both China’s industrial production and retail sales exceeded expectations in September, while the unemployment rate declined to 5.1%, contrary to predictions of it remaining at 5.3%.