BEIJING: With the novel coronavirus disease (COVID-19) epidemic largely brought under control at home, China’s GDP expanded 4.9 percent year on year in the third quarter (Q3) as business activities gradually resumed, according to the National Bureau of Statistics (NBS) on October 19. The Chinese economy reported a 6.8-percent slump and 3.2-percent growth in the first and second quarters, respectively.
It also reversed a 1.6-percent contraction in the first half (H1) of the year, up 0.7 percent year on year in the first three quarters.
Major economic indicators showed further rebounds in Q3. The industrial output rose 5.8 percent year on year. Retail sales of consumer goods registered the first quarterly expansion this year, up 0.9 percent. Fixed assets investment and foreign trade also saw first year-on-year turnarounds in the first three quarters, growing 0.8 percent and 0.7 percent respectively, NBS said.
Over the past months, the government has introduced measures including tax relief, cuts in lending rates and the reserve requirement ratio (RRR) for commercial banks, reduction of rental and power costs and issuance of consumption coupons. They have helped ensure business growth, stabilize employment and boost consumption amid epidemic containment.
“The improvement of key indicators shows the strong resilience and vitality of China’s economy, which is expected to continue to recover in the fourth quarter,” Liu Aihua, spokesperson for NBS, said at a press conference in Beijing.
The International Monetary Fund’s World Economic Outlook report released earlier in October projected China’s economy to grow 1.9 percent this year, 0.9 percentage point higher than the June projection.
“Given external uncertainties caused by global epidemic spread and uneven recovery of industries and enterprises in different regions, more efforts are needed to further improve livelihood and support enterprises to achieve the annual growth target,” Liu added. – Agencies
