China's economy reports 6.2 pct growth Q1-3

CNC
Added On October 20, 2019

 Official data show China's economy registered a 6.2-percent growth year on year in the first three quarters of the year, with consumption maintaining a major contribution to economic growth.

 
 
Official data shows that the world's largest developing economy registered a 6.2-percent growth year on year during the period.
 
In the third quarter, the country's GDP logged a 6-percent growth year on year.
 
Although the country's economy continued cooling down in Q3, activities in the industrial and retail sectors saw a promising rebound in September.
 
In September, the country's industrial output registered a 5.8-percent growth year on year, up 1.4 percentage points month on month, well beyond the market expectation.
 
Previous data also showed that the purchasing managers' index (PMI) for China's manufacturing sector firmed up to 49.8 in September from 49.5 in August.
 
Retail sales of consumer goods rose 8.2 percent year on year in the January-September period.
 
The country's job market also posted a stable trend. The surveyed unemployment rate in urban areas stood at 5.2 percent in September, well below the government's annual control targets.
 
Friday's data also further reflects the country's improved economic structure and stable economic growth driven by domestic demand.
 
NBS data showed Consumption continued to be the mainstay in driving up demand, with the final consumption contributing 60.5 percent to the economic growth in the January-September period.
 
To forestall the blow of downside risks, China has implemented various policies to buoy its economy by cutting tax, lowering banks' lending rates to channel more funds into the real economy and further opening-up.
 
In the first eight months, tax and fee cuts exceeded 212 billion U.S. dollars, further easing the burden on enterprises and increasing incomes and employment.