economic recovery firms up in Q3

To soften the impact of the COVID-19 shock, the government has rolled out a raft of measures, including more fiscal spending, tax relief, and cuts in lending rates and banks reserve requirements to stabilize growth and employment.

Chinas economic recovery picked up steam in the third quarter as activities normalized amid effective control of the novel coronavirus and the governments sweeping efforts to stimulate demand and consumption, official data showed Monday.

Despite the across-the-board improvements, the foundation for sustainable recovery requires further consolidation due to global uncertainties and uneven performance at home, Liu cautioned.

Gross domestic product (P) expanded 4.9 percent year on year in Q3, ster than the 3.2-percent growth seen in Q2, data from the National Bureau of Statistics (NBS) showed Monday.

Overall, China has the foundation, conditions and confidence to maintain the current trend in Q4 and the full year, Liu added.

In the first three quarters, the countrys P expanded 0.7 percent year on year, returning to growth after the 1.6-percent contraction in the first half of the year and the 6.8-percent slump in Q1, the data showed.

The countrys fixed-asset investment went up 0.8 percent year on year in the first three quarters, reversing a decline of 3.1 percent in the first half of this year.

In Q3, major indicators returned to positive territory, with industrial output rising 5.8 percent and retail sales reporting the first quarterly expansion this year, up 0.9 percent year on year.

In the latest World Economic Outlook report released earlier this month, the International Monetary Fund (IMF) projected Chinas economy to grow by 1.9 percent in 2022, 0.9 percentage points above the IMFs June forecast, it the only major economy that will see positive growth this year.

Per capita disposable income rose 0.6 percent in the first nine months, compared with a decline of 1.3 percent in H1.

As the epidemic is largely brought under control domestically, ctories and schools have reopened and tourist sites across the country have resumed their usual hustle and bustle.

Photo/Shetuwang

Seen from the trends of the key indicators, Chinas epidemic prevention and economic recovery are at the worlds forefront, which shows the strong resilience and vitality of the economy, said Liu Aihua, spokesperson of the NBS.