China’s National Bureau of Statistics reported third-quarter GDP growth of 4.6% year on year, slightly exceeding expectations. This is less than the second-quarter growth of 4.7% year on year. Quarterly growth in the third quarter was 0.9%, compared to 0.7% in the second quarter. Other data released, such as retail sales and industrial production, also beat expectations, indicating positive signs for the world’s second-largest economy. With the annual growth target of “around 5%”, Beijing has faced scrutiny but it is now within reach with extra stimulus in the fourth quarter.
Chinese officials have announced support measures to boost the economy after disappointing economic data. These include reducing the amount of cash banks need to have on hand and introducing further stimulus measures. China’s Housing Ministry announced plans to expand its “whitelist” of real estate projects and speed up bank lending for unfinished developments. China’s Minister of Finance stated that the central government has room to increase debt and the deficit, signaling further support for economic growth.
Despite challenges, there is optimism for growth in the coming years as the government is committed to strengthening the economy. The proactive measures taken by Chinese authorities, along with positive economic indicators, suggest that there is potential for growth in the future. By implementing targeted stimulus measures and support for key sectors like real estate, China is working towards achieving its growth targets and stabilizing the economy.
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