China’s National Bureau of Statistics reported a third-quarter GDP growth of 4.6% year on year, slightly exceeding expectations. While this figure is less than the second-quarter growth, other data released such as retail sales and industrial production surpassed expectations, indicating positive signs of growth in the economy. Despite concerns over meeting the annual growth target of around 5%, analysts believe that with additional stimulus in the fourth quarter, China is likely to reach its target. Chinese officials have implemented various support measures to boost the economy, such as cutting cash reserve requirements for banks and increasing debt and the deficit. Additionally, the Housing Ministry announced plans to expand its “whitelist” of real estate projects and accelerate bank lending to these developments. Overall, there is optimism about China’s economic growth in the coming years, as the government is committed to supporting the economy despite challenges.
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China surpasses expectations with 4.6% third-quarter GDP growth
