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China's Q3 economic growth at 4.9%, surpasses expectations
Posted on October 20, 2023 |
China's economic growth in Q3 decelerated due to diminished global demand, deflationary pressures, and issues in the property market.
Despite these challenges, China's economy still achieved a 4.9% year-over-year growth rate in the July-September period, surpassing analysts' expectations but falling from the 6.3% growth recorded in the prior quarter.
Quarterly, the economy expanded by 1.3% in Q3, a significant improvement compared to the 0.8% growth seen in the April-to-June quarter.
During the first 9 months of the year, China's economy grew by 5.2% compared to the same period last year, aligning with Beijing's target of approximately 5% growth for 2023.
To stimulate economic growth, the Chinese government implemented several policy measures, including increased investments in infrastructure, reduced interest rates, and eased property purchase restrictions, to revive the property sector.
Despite the challenges, China's economy remains resilient and is in line with its 2023 growth objectives, supported by government initiatives to boost economic activity.