Chinese Economic Growth in Q3

Investing.com – The Chinese economy showed expected growth in the third quarter, according to GDP data released on Friday. However, the growth rate remains below Beijing's annual target.

Chinese GDP increased by 4.6% year-on-year for the three months ending on September 30, consistent with forecasts but a decline from the 4.7% recorded in the previous quarter.

On a quarterly basis, GDP rose 0.9%, slightly underperforming the expected 1%. This brings the year-to-date GDP growth to 4.8%, still short of the 5% target set by Beijing.

Recently, Beijing has rolled out a series of stimulus measures, marking an intensified effort to address sluggish economic growth. The prolonged issues of deflation, weak private spending, and a struggling property market have weighed heavily on the economy in recent years.

Despite the recent stimulus, sentiment around the economy remains mixed, as key details regarding the timing and scope of the measures were not provided by Beijing.

Nonetheless, the Chinese government maintains that the economy remains on track to meet the 5% annual target. Additional targeted measures were also announced to support the property market and improve local governments' debt positions.

Furthermore, separate reports released on Friday indicated that China’s industrial production and retail sales both exceeded expectations in September, while the unemployment rate fell to 5.1%, compared to expectations of 5.3%.