China’s economy grew 4.6% yoy in Q3, slowing slightly from 4.7% in Q2 but in line with market expectations. This marks the slowest pace of growth since early 2023, as external pressures and a challenging global environment continue to weigh on the country’s economic performance. On a quarterly basis, GDP expanded by 0.9%.
The National Bureau of Statistics noted that the economy remained “generally stable with steady progress,” highlighting continued increase in production and demand, alongside stable employment and prices.
The NBS emphasized that the effects of the government’s stimulus policies were beginning to show, with “major indicators displaying positive changes recently.”
However, the bureau also cautioned that the external environment was becoming “increasingly complicated and severe,” underscoring the need to further solidify the foundation for sustained recovery.
Key economic data released alongside the GDP report suggested signs of resilience in some sectors. Industrial production increased by 5.4% yoy in September, surpassing expectations of 4.6% yoy. Retail sales also exceeded forecasts, rising 3.2% yoy compared to the expected 2.4% yoy. Fixed asset investment saw a 3.4% year-to-date increase, slightly above 3.3% expected by analysts.
