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China reports third-quarter GDP growth of 4.6%, slightly beating expectations
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China Economy


CHINA REPORTS THIRD-QUARTER GDP GROWTH OF 4.6%, SLIGHTLY BEATING EXPECTATIONS

Published Thu, Oct 17 202410:15 PM EDTUpdated Fri, Oct 18 202412:25 AM EDT
Christina Zhao@in/christina-zhao-395a6812a/
Anniek Bao@in/anniek-yunxin-bao-460a48107/@anniekbyx
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Key Points
 * China’s National Bureau of Statistics on Friday reported third-quarter GDP
   growth of 4.6% year on year, slightly exceeding the 4.5% expected by
   economists polled by Reuters.
 * Other data also released on Friday, such as retail sales and industrial
   production, had also beat expectations, a hopeful sign for the world’s second
   largest economy.
 * Beijing has faced public scrutiny over its ability to meet its own annual
   growth target of “around 5%.”

China has announced in the past week a series of measures aimed at boosting its
economy ahead of a key Politburo meeting later this week focused on reviewing
the first half performance of the world’s second-largest economy.
Str | Afp | Getty Images

China’s National Bureau of Statistics on Friday reported third-quarter GDP
growth of 4.6% year on year, slightly exceeding the 4.5% expected by economists
polled by Reuters.

That’s less than the second-quarter growth of 4.7% year on year. On a quarterly
basis, the third quarter saw 0.9% expansion, compared to 0.7% in the second
quarter.



“The national economy showed positive signs of growth in September,” Sheng
Laiyun, the bureau’s deputy commissioner, said at the press conference,
according to CNBC’s translation of the Chinese. “The confidence is building up
to hit the full-year growth target of around 5%.”

Other data released on Friday, such as retail sales and industrial production,
had also beat expectations, a hopeful sign for the world’s second largest
economy.

Beijing has faced growing public scrutiny over its ability to meet its own
annual growth target of “around 5%.”

“Since real GDP expanded by 4.8% in the first three quarters of the year, the
full year GDP growth target of around 5% is now within reach with extra stimulus
in Q4,” said Tianchen Xu, senior economist at The Economist Intelligence Unit.

“Despite the multitude of challenges, China’s economy is not incurable as some
would suggest,” Xu added. “There’s reason to be more optimistic about growth in
the coming years, given how the government is committed to shoring up the
economy.”


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VIDEO2:2302:23
China’s high savings rate is untapped potential: Economist
Squawk Box Asia


After the release of a slew of disappointing economic data, Chinese officials
last month announced a slate of support measures to jumpstart its sluggish
economy, including cutting the amount of cash the banks needs to have on hand by
50 basis points.

Authorities continued to dip feed more stimulus measures throughout this month
amid low consumer sentiment and a flagging property sector. Over the weekend,
China’s Minister of Finance Lan Fo’an told reporters that the central government
has room to increase debt and the deficit, without giving any details on the
size of the package.

Mainland China’s CSI 300 was trading up 0.7% and Hong Kong’s Hang Seng index was
up 1.3% following Friday’s data release.

Bruce Pang, chief economist and head of research for Greater China at JLL, said
that the performance of the economy “aligns with market expectations, given the
weak domestic demand, a still struggling housing market, and slowing export
growth.”


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