China's GDP grew by 4.9% year-on-year in the third quarter, beating expectations of +4.4%. The figure, released by the National Statistics Office, compares with +6.3% in the previous quarter.
China's economy grew at a faster-than-expected pace in the third quarter, suggesting that the recent recovery could bring enough momentum to meet Beijing's full-year growth target of "around 5%."
On a quarterly basis, July-September GDP rose 1.3%, accelerating from the revised 0.5% in April-June and also the 1% estimated by economists on the eve of the meeting. In the first nine months of the year, growth was 5.2% and - in the projections of the National Bureau of Statistics - a GDP of over 4.4% in the last quarter will be enough to hit the government target for 2023.
The better-than-expected economic performance appears to be supported by the series of policy measures adopted by the central government in recent months: the world's second-largest economy has begun to show signs of stabilization, but a prolonged housing crisis, uncertainties about employment (especially for young people) and household income, and weak confidence among private companies put a lasting recovery at risk.
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