{"id":2554,"date":"2023-10-18T03:07:49","date_gmt":"2023-10-18T03:07:49","guid":{"rendered":"https:\/\/infundpros.com\/business\/chinas-economy-grows-4-9-in-third-quarter\/"},"modified":"2023-10-18T03:07:49","modified_gmt":"2023-10-18T03:07:49","slug":"chinas-economy-grows-4-9-in-third-quarter","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=2554","title":{"rendered":"China\u2019s economy grows 4.9% in third quarter"},"content":{"rendered":"<div>\n<p>Stay informed with free updates<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Simply sign up to the <!-- -->Chinese economy<!-- --> myFT Digest &#8212; delivered directly to your inbox.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=a31fa9ed-fc5e-4a37-a80c-956b443ad38b&amp;concept-id=bf38d79f-556e-4f4e-885c-a9e67594140a\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>China\u2019s gross domestic product grew 4.9 per cent year on year in the third quarter, beating market expectations.<\/p>\n<p>The economy expanded 1.3 per cent on a quarterly basis, China\u2019s National Bureau of Statistics said, regaining some momentum after growth of just 0.5 per cent in the April-June period.<\/p>\n<p>Economists polled by Reuters had expected third-quarter year-on-year growth of 4.5 per cent. Wednesday\u2019s figure compares with year-on-year GDP growth of 4.5 per cent in the first three months of the year and 6.3 per cent in the second quarter.<\/p>\n<p>The stronger year-on-year growth figures also reflect a comparison with a period of rolling lockdowns in China last year, before the end of Xi Jinping\u2019s pandemic controls.\u00a0<\/p>\n<p>Chinese officials struck a cautious tone. \u201cWe should be aware that the external environment is becoming more complex and grave while the domestic demand remains insufficient and the foundation for economic recovery and growth needs to be further consolidated,\u201d the NBS said on Wednesday.<\/p>\n<p>To push China towards its annual growth target of 5 per cent \u2014 already the lowest in decades \u2014 Beijing has in recent months tried to stabilise the property and banking sectors and shore up support for the country\u2019s stock market and renminbi.<\/p>\n<p>Alicia Garc\u00eda-Herrero, chief Asia-Pacific economist at Natixis, said the breadth of the stabilisation measures showed Beijing was responding to \u201ccracks\u201d emerging in the financial system.<\/p>\n<p>\u201cMild growth of 5 per cent for the year won\u2019t be enough, it seems to me, to cover those cracks,\u201d she said, adding: \u201cIf the world goes in the wrong direction\u2009.\u2009.\u2009.\u2009it is going to be very difficult for China to avoid those cracks getting deeper.\u201d<\/p>\n<p>Xi\u2019s administration is trying to steer the Chinese economy away from debt-fuelled property investment and financial speculation as well as unproductive state infrastructure investments.<\/p>\n<p>It wants China\u2019s economic model to be based on more sustainable growth, underpinned by consumer services and high-tech manufacturing, while also better supporting Xi\u2019s national security objectives.<\/p>\n<p>However, achieving that shift has been made more difficult after China failed to rebound as expected from the pandemic and as the country\u2019s property sector slowdown saps consumer and business confidence.<\/p>\n<p>Demand for China\u2019s exports is also looking shaky as the war between Israel and Hamas in the Middle East has added to problems caused by a deterioration in US-China ties.<\/p>\n<p>Analysts have trimmed forecasts for next year\u2019s GDP growth to about 4.5 per cent.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/a31fa9ed-fc5e-4a37-a80c-956b443ad38b\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stay informed with free updates Simply sign up to the Chinese economy myFT Digest &#8212; delivered directly to your inbox. China\u2019s gross&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-2554","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>China\u2019s economy grows 4.9% in third quarter | inFundPros<\/title>\n<meta name=\"description\" content=\"Stay informed with free updatesSimply sign up to the Chinese economy myFT Digest -- delivered directly to your inbox.China\u2019s gross domestic product grew\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=2554\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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