China’s economy grew significantly in the first three quarters of 2024, according to the National Bureau of Statistics (NBS). GDP rose by 4.6% in Q3 and 4.7% in Q2, totaling a 4.8% increase for the year, reaching over 94.97 trillion yuan (about $13.34 trillion).
People’s Bank of China headquarters, Beijing, September 10, 2024. /CFP
At a press conference, NBS Deputy Director Sheng Laiyun stated that strong economic performance and new policies support confidence in reaching the annual 5% growth target.
Sheng Laiyun discusses Q3 economic data in Beijing, October 18, 2024. /CFP
The outlook for China’s economy is strong, exceeding economist predictions. This growth is linked to stimulus measures from the government in September. Experts like Bruce Pang believe the 5% growth target is achievable if these policies are implemented effectively.
Recent measures have focused on strengthening the real estate market, leading to increased housing sales during the National Day holiday.
Newly built residential properties. /CFP
The central government is also urging local governments to be proactive in development. Other sectors, like industrial output and retail sales, showed gains as well. The automotive market gained momentum with new vehicle models launched during the holiday.
Sheng indicated that the economy is expected to continue recovering into Q4, ensuring the 5% growth target is met.
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