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China’s GDP grows 4.9 per cent in Q3

An investor watches computer screen at a stock exchange hall on July 6, 2020 in Fuyang, Anhui Province of China. Lu Qijian | VCG | Getty Images. Sketched by the Pan Pacific Agency.

BEIJING, Oct 19, 2020, China Daily. China’s economy grew by 4.9 percent year-on-year in the third quarter of the year, versus 3.2 percent in the second one, the National Bureau of Statistics said on Monday, China Daily reported.

The country’s GDP growth reached 0.7 percent year-on-year over the first three quarters of this year, turning positive from negative 1.6 percent in the first half, the NBS said.

The Chinese economy posted a continuous recovery in the first nine months and achieved significant results in coordinating development with epidemic prevention, the bureau said in a statement.

The growth in fixed-asset investment came in at 0.8 percent during the January-September period, turning positive for the first time this year and compared with a 3.1 percent slide in the first six months.

Retail sales increased by 3.3 percent year-on-year last month, sharply up from 0.5 percent in August.

The country registered a 6.9 percent industrial output growth in September, compared with 5.6 percent in August.

Surveyed urban unemployment rate nationwide was 5.4 percent in September, down from 5.6 percent in August.

The NBS, however, noted that external uncertainties and the risk of epidemic resurgence domestically remain. “The economy is still in the process of recovery, and the foundation for sustained recovery needs to be consolidated,” the bureau said in a statement.

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