China’s Economy Beats Expectations with 4.9% Q3 GDP Growth


Summary: China’s economy grew at a faster pace than expected in the third quarter, indicating a potential path towards meeting Beijing’s full-year growth target.

China’s gross domestic product (GDP) expanded by 4.9% in the third quarter compared to the previous year, surpassing analysts’ predictions of a 4.4% increase. Although this growth was slower than the 6.3% expansion in the second quarter, it highlights the country’s progress in recovering from recent challenges. The quarterly GDP growth rate accelerated from 0.5% in Q2 to 1.3% in Q3, exceeding the projected growth rate of 1.0%. While policy measures have helped stabilize the economy, ongoing issues such as the property crisis, employment concerns, and weak private sector confidence continue to pose risks. The government has set a target of approximately 5.0% GDP growth for the full year 2023.

Tags: China, economy, GDP, growth, recovery, government target