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China’s third-quarter GDP growth surpasses expectations with a 4.6% increase


China’s National Bureau of Statistics announced that third-quarter GDP growth was 4.6% year on year, slightly surpassing the 4.5% expected by economists. This was lower than the second-quarter growth of 4.7% year on year, with a 0.9% quarterly expansion. Other data, such as retail sales and industrial production, also beat expectations, signaling positive signs for the world’s second-largest economy.

Concerns were raised about China’s ability to meet its annual growth target of “around 5%,” but with a 4.8% real GDP expansion in the first three quarters, achieving the target seems more feasible with additional stimulus in the fourth quarter. Senior economist Tianchen Xu from the Economist Intelligence Unit expressed optimism about future growth, given the government’s commitment to revitalizing the economy.

Chinese officials have introduced support measures, including cutting banks’ cash reserve requirements, to boost economic activity. Additional stimulus measures were implemented due to low consumer sentiment and a declining property sector. China’s Minister of Finance Lan mentioned that the central government has room to increase debt and the deficit, without providing specifics on the package size.

The Housing Ministry announced plans to expand the “whitelist” of real estate projects and accelerate bank lending to unfinished developments, aiming for 4 trillion yuan ($561.8 billion) by year-end. Despite challenges, China’s economy remains salvageable with the government’s focus on strengthening economic fundamentals.

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www.nbcnews.com

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