China's growth rises to 4.9% on higher consumer spending and trade

China's growth rises to 4.9% on higher consumer spending and trade

The NBS reported that industrial production rose 5.8% in July-September over the same quarter previous year, a marked improvement over the first half's 1.3% contraction.

In May, top leaders unveiled a major new "dual circulation" strategy that would make China more self-reliant by boosting domestic consumption as the pandemic eased, and reducing dependence on potential rivals such as the United States and its allies for technology, financial capital and trade.

NBS data also showed retail sales grew faster than expected in September at 3.3%, up from 0.5% growth YoY the month before.

China remains the Philippines' top export market with nearly 27 percent of its total exports shipped to the world's second-largest economy, the Philippines' Department of Trade and Industry (DTI) said in July.

The pandemic's accompanying lockdown measures were detrimental to countries worldwide, most of which have not begun to recover economically. The figure exceeded expectations, with experts having predicted a growth of around 5.2 percent.

The near five per cent growth in Q3 is a far cry from the slump the Chinese economy suffered when coronavirus first emerged in Wuhan in December last year and led to shutdowns of factories and markets all over the country during the first three months of this year.

Wall Street closed out a choppy week of trading with more of the same Friday, as a late-afternoon stumble led USA stock indexes to a mixed finish.

The bureau also highlighted the recovery in retail sales, especially the rapid growth in online retail.

China's Q3 GDP grows 4.9% y-o-y, misses expectations

Industrial production rose 5.8% in just-ended quarter compared to the same period past year, a marked improvement over the first half's 1.3% contraction.

China's economy is powering ahead again, as much of the world braces for a hard end to the year caused by a "second wave" of COVID-19.

Fixed-asset investment growth, however, moderated on weaker infrastructure and manufacturing investment, inching down to 7.5 percent year on year in September from 7.6 percent in August, taking its year-to-date growth to 0.8 percent year on year.

Going forward, the A-share market could remain rangebound below its July highs on uncertainties including the US election, Jin Jing, an analyst with Caitong Securities, said, adding that further monetary loosening this year is quite unlikely given the country's robust economic recovery.

The bureau's Liu said stabilizing employment is one of the key tasks for the year. They say as many as 25 million jobs might be lost for good this year. The 31 major cities surveyed posted an unemployment rate of 5.5 percent, down 0.2 percentage points from August.

Monday's trading brings the bellwether metal within sight of levels last seen in June 2018 and brings the recovery since the height of the covid-19 induced sell-off, which sent the copper price crashing to below $2.00 a pound, to 57%.

The economy grew 0.7 per cent in the first nine months from a year earlier, the data showed. However, it warned, "the global environment is still complicated and severe".

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