China's Economy Rebounds in Q3... Achieving This Year's Target Remains Difficult

3.9% Growth in Q3, Cumulative Growth Rate of 3.0% in Q3
3rd Industry, an Indicator of Domestic Demand, Stalls at 2.3% Growth

[Asia Economy Senior Reporter Cho Young-shin] The National Bureau of Statistics of China announced on the 24th that the Gross Domestic Product (GDP) for the third quarter (July to September) grew by 3.9% year-on-year. This is higher than the 3.6% initially predicted by Chinese experts. The Chinese economy had only grown by 0.4% in the second quarter.

Accordingly, the cumulative GDP for the first three quarters recorded a 3.0% increase compared to the same period last year. Although the Chinese economy has returned to a recovery trend, it seems difficult to achieve the original annual target of around 5.5%.

By industry, the primary industry showed the highest growth at 4.2% year-on-year (cumulative), followed by the secondary industry at 3.9%, and the tertiary industry at 2.3%. The fact that the service sector, the tertiary industry, only grew by 2.3% indicates that China’s core growth engine, domestic demand, remains weak.

The Chinese economy grew by 4.8% year-on-year in the first quarter of this year, a decent start, but due to lockdown policies following the spread of COVID-19 in Shanghai, growth slowed to 0.4% in the second quarter. This was the worst performance since the first quarter of 2020 (-6.8%) when COVID-19 first spread.

The National Bureau of Statistics of China announced that the GDP for the third quarter was 30.7627 trillion yuan.

The National Bureau of Statistics had originally planned to announce the third quarter GDP on the 18th but postponed the announcement without prior notice. Inside China, it was anticipated that the National Bureau of Statistics would release the third quarter GDP after the 20th National Congress of the Communist Party of China.

The National Bureau of Statistics explained that the Chinese economy has been gradually recovering since the third quarter.

This content was produced with the assistance of AI translation services.