China 2021-11-19T04:03:19+02:00
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China's GDP expands 9.8 pct in first three quarters

China's GDP expands 9.8 pct in first three quarters

economy, GDP, China, PRC, Statistic, Retail sales
The process of post-epidemic economic recovery in China. Photo by Xinhua.
The process of post-epidemic economic recovery in China. Photo by Xinhua.

China's economy continued stable recovery in the first three quarters of this year with major indicators staying within a reasonable range, official data showed, The Xinhua News Agency reported.

The country's gross domestic product (GDP) expanded 9.8 percent year on year in the first three quarters, putting the average growth for the period in the past two years at 5.2%, data from the National Bureau of Statistics (NBS) showed.

In the third quarter (Q3), the country's GDP grew 4.9% year on year, slower than the growth of 18.3% in Q1 and 7.9% in Q2.

"The Chinese economy has maintained the recovery momentum in the first three quarters with progress in structural adjustment and high quality development", – said NBS spokesperson Fu Linghui.

Consumption contributed the lion's share to the economic growth in Jan.-Sept., while net exports contributed 19.5% to the GDP increase.

Major economic indicators showed continued improvements across the board, with retail sales of consumer goods jumping 16.4% year on year in the first three quarters this year.

China's value-added industrial output went up 11.8% year on year in the first three quarters, while fixed-asset investment went up 7.3% year on year during the period.

The country's surveyed urban unemployment rate stood at 4.9% in September, 0.5 percentage points lower than the same period last year, NBS data showed.

During the Jan.-Sept. period, China added 10.45 million new urban jobs in the first three quarters, achieving 95% of the target for the whole year.

Recognizing the progress, Fu cautioned against rising uncertainties in the international environment and uneven recovery in the domestic economy, adding that the country will take various measures to keep the economy running within a reasonable range.

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