Chinese GDP data for the third quarter revealed that the economy expanded in line with expectations, although growth rates remained below the nation’s annual target.
The GDP grew by 4.6% year-on-year in the period ending on September 30, meeting forecasts but down from the 4.7% growth seen in the previous quarter.
Despite a quarter-on-quarter GDP growth of 0.9%, missing estimations of 1%, the year-to-date GDP growth stood at 4.8%. However, the figure is still falling short of the 5% annual target set by the government.
To combat the sluggish economic growth, the Chinese government recently implemented a series of stimulus measures, the most comprehensive effort to rejuvenate growth in recent years, as a persistent deflationary trajectory, subdued private consumption, and an enduring decline in the property market have posed significant challenges for the Chinese economy in recent years.
However, the recent stimulus initiatives have sparked a range of reactions concerning the economy, as the details regarding the timing and extent of the measures were not fully disclosed.
Nonetheless, the Chinese government affirmed its commitment to achieving the 5% annual target, unveiling tailored plans to bolster the property market and enhance the fiscal positions of local governments.
In addition, data released on Friday indicated that China’s industrial production and retail sales surpassed expectations in September, while the country’s unemployment rate dropped to 5.1%, contrary to the forecasted 5.3%.
