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China's economy on more solid ground with steady Q3 growth

Updated: October 24, 2022 20:01    Xinhua

BEIJING — China's economy was on more solid ground in the third quarter of this year with major indicators showing positive signs of stabilization, backed by the country's efforts to balance epidemic control and economic and social development.

The country's gross domestic product (GDP) grew 3.9 percent year-on-year to 30.76 trillion yuan (about $4.32 trillion) in the third quarter, 3.5 percentage points higher than that in the second quarter, data from the National Bureau of Statistics (NBS) showed on Oct 24.

In the first three quarters, the country's GDP increased 3 percent year-on-year, 0.5 percentage points faster than that in the first half of 2022, according to the NBS data.

Many major economic indicators saw significant improvements compared with that in the second quarter, with production demand gradually recovering, and prices and employment remaining stable, the NBS said in a statement.

A breakdown of the data on Oct 24 showed that value-added industrial output by major industrial firms jumped 4.8 percent year-on-year in the third quarter, 4.1 percentage points faster than that in the second quarter.

With economic activities generally perking up, China's consumer market has warmed up in the third quarter. The country's total retail sales of consumer goods ticked up 3.5 percent year-on-year in the third quarter, reversing the 4.6-percent decline logged in the second quarter.

Fixed-asset investment sustained growth momentum in the third quarter, rising 5.7 percent from the same period a year earlier, up 1.5 percentage points from the second quarter.

During the January-September period, investment in the manufacturing sector climbed 10.1 percent year-on-year while investment in high-tech manufacturing and services continued rapid expansion, rising 23.4 percent and 13.4 percent, respectively.

"Generally speaking, the Chinese economy has managed to overcome negative impacts inflicted by unexpected factors, with major indicators staying within a reasonable range and positive factors accumulating," the NBS said.

This decent growth did not come easily with policymakers unveiling a slew of supportive policies to shore up the economy. China's State Council unveiled an additional 19 follow-up policies in August on top of delivering a policy package for stabilizing the economy in May in order to shape greater synergy.

Among these measures to facilitate economic stability are China's ramped-up efforts to expand its tax and fee incentives and supportive policies to enterprises, offering a "timely rain" to companies in financial drought.

Official data from the State Taxation Administration showed that China's tax refunds, as well as tax and fee cuts and deferrals, had exceeded 3.4 trillion yuan by Sept 20.

Despite increasing external uncertainties, Chinese entrepreneurs and bankers became more upbeat about the macroeconomy, and urban residents were more optimistic about future income and jobs in the third quarter, recent central bank surveys have found.

Both the entrepreneurs' and bankers' macroeconomic heat indexes, reflecting the two groups' views on the current macroeconomic situation, climbed quarter-on-quarter, according to the People's Bank of China.

However, the NBS warned that the global situation is still complex and grim, and that the foundation of economic recovery is not solid, stressing the importance of the full implementation of supporting measures.

Looking into the future, China will pool endeavors to support market entities and stabilize employment and prices, while expanding the effective demand and consolidating the foundation of economic recovery and development, to keep the economy operating within a proper range and work for the best results possible, the NBS statement said.

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