China’s economy grew at a healthy annual rate of 4.6 per cent in the July-September quarter, the government announced today, News.Az reports citing Morning Star.
The world’s largest economy by some measures fell slightly short of the official target of “about 5 per cent” growth for 2024.
In a statement, the National Bureau of Statistics said that the economy was “generally stable with steady progress” even in the face of a “complicated and severe external environment” and complicated domestic economic development.
Chinese policymakers have in recent weeks announced a wave of measures aimed at adding an additional boost for the economy, including reducing mortgage rates for existing homes and allowing banks to lend more by reducing reserve requirements.
China’s growth rate in the first three-quarters of the year was 4.8 per cent. On a quarterly basis, the economy expanded 0.9 per cent in the quarter that ended in September, up from 0.7 per cent growth in the previous quarter.
For the first three-quarters, China’s factory output rose 5.8 per cent, while retail sales expanded 3.3 per cent compared with the same period last year.
