China’s GDP expands 4.9% in Q3 as economic recovery momentum strengthens

[superadmin]

China's GDP expanded 4.9 percent year-on-year in the third quarter of the year, beating economists' forecast of 4.4 percent year-year-year, as the economy sustained its recovery momentum thanks to the rollout of a number of macro-policies to bolster the economy on all fronts since July.

Dismissing Western media's smear of China's economy, Chinese analysts said the economy is better than many have expected and is well on track to achieve its annual growth target of around 5 percent this year. They also noted that the growth potential of China's economy is enormous, considering dividends brought by the country's transformation of labor force structure, urbanization and ongoing industrial upgrade. 

They stressed it is absurd that the Western media continue to overplay the concerns that China will experience a Japan-style economic stagnation in the 1990s because the fundamentals of the Chinese economy are stable, the tech sector makes rapid progress and consumer expectations remains sound.

The economy grew by 4.9 percent year-on-year between July and September, and expanded by 5.2 percent in the first three quarters, according to data released by the National Bureau of Statistics (NBS) on Tuesday.

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