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NBS: China’s GDP grows 4.9% in Q3

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An employee works at an aluminium alloy plant in Wuxing district of Huzhou city, East China's Zhejiang province, July 29, 2020. AFP

NBS: China’s GDP grows 4.9% in Q3

China's economy grew by 4.9 per cent year-on-year in the third quarter of the year, versus 3.2 per cent in the second one, the National Bureau of Statistics (NBS) said on Monday.

The country’s gross domestic product (GDP) growth reached 0.7 per cent year-on-year over the first three quarters of this year, turning positive from negative 1.6 per cent in the first half, the NBS said.

The Chinese economy posted a continuous recovery in the first nine months and achieved significant results in coordinating development with epidemic prevention, the bureau said in a statement.

The growth in fixed-asset investment came in at 0.8 per cent during the January-September period, turning positive for the first time this year and compared with a 3.1 per cent slide in the first six months.

Retail sales increased by 3.3 per cent year-on-year last month, sharply up from 0.5 per cent in August.

The country registered a 6.9 per cent industrial output growth last month, compared with 5.6 per cent in August.

Surveyed urban unemployment rate nationwide was 5.4 per cent last month, down from 5.6 per cent in August.

The NBS, however, noted that external uncertainties and the risk of epidemic resurgence domestically remain.

It said: “The economy is still in the process of recovery, and the foundation for sustained recovery needs to be consolidated.”

CHINA DAILY/ASIA NEWS NETWORK

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