China’s economy grew impressively in the first three quarters of 2024. The National Bureau of Statistics (NBS) reported a 4.6% GDP growth in Q3, following 4.7% in Q2. Overall, GDP grew by 4.8%, exceeding 94.97 trillion yuan (around $13.34 trillion).
Central bank headquarters in Beijing, September 10, 2024. /CFP
At a press conference, NBS deputy director Sheng Laiyun noted that economic conditions are improving, increasing confidence in achieving a 5% growth target for the year.
Sheng Laiyun discusses economic data in Beijing, October 18, 2024. /CFP
Economists are optimistic following China’s proactive stimulus measures announced in September. Bruce Pang from JLL believes the 5% target is achievable if these measures are implemented swiftly.
Recent policies aimed to boost the real estate market, and housing sales increased during the National Day holiday, driven by lower mortgage rates and relaxed purchasing rules.
New residential properties. /CFP
The central government has encouraged local governments to actively promote development. Other sectors also saw growth, with industrial output up 5.8% and retail sales rising 3.3%.
The passenger vehicle market gained momentum, supported by new model launches during recent holidays. Sheng expressed confidence that the economy will continue to recover in Q4, meeting the 5% growth target.
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