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China’s third-quarter GDP growth exceeds expectations with a 4.6% increase


China’s National Bureau of Statistics reported a third-quarter GDP growth rate of 4.6% year on year, slightly higher than the 4.5% expected by economists. This is lower than the second-quarter growth rate of 4.7%. The quarter saw a 0.9% expansion compared to 0.7% in the previous quarter. Other data released, such as retail sales and industrial production, also exceeded expectations, indicating positive signs for the second-largest economy in the world. Despite challenges, China’s economic growth target of around 5% for the year is within reach with extra stimulus planned for the fourth quarter.

Chinese officials announced support measures to stimulate the economy, such as cutting cash reserve requirements for banks and increasing debt and the deficit. The government is committed to shoring up the economy, despite recent disappointing economic data. Measures have been implemented to address low consumer sentiment and challenges in the property sector.

The Housing Ministry announced plans to expand the “whitelist” of real estate projects and accelerate bank lending for unfinished developments by the end of the year. The government continues to introduce stimulus measures to support economic growth. The Minister of Finance mentioned that there is room for increasing debt and the deficit to provide further support. Overall, there is optimism for growth in the coming years as authorities work to bolster the economy.

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www.nbcnews.com

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