China’s GDP rose by 4.9pc in Q3 from the prior year quarter. Amid the COVID-19 pandemic, Chinese economic growth in the first three quarters improved from posting a 6.8pc decline in Q1, followed by 3.2pc rise in Q2 and a positive growth in Q3, according to China’s National Bureau of Statistics data. Q3 GDP grew by up 2.7 from Q2.  

 

The Chinese government attributes GDP growth to coordinated efforts in pandemic prevention and control as well as focus on economic and social development, and the promotion of restoration of production. 

 

China’s GDP was CNY72,278.6bn in the first three quarters, up by 0.7pc from the prior year period, according to official preliminary estimates. Primary industry grew by 2.3pc to CNY4,812.3bn from a year ago, secondary industry grew by 0.9pc to CNY27,426.7bn and tertiary industry grew by 0.4pc to CNY40,039.7bn. 

 

Agricultural production continued to grow with crop farming up by 3.8pc in the first nine months from the prior-year period, which is similar to the growth in the first half of 2020. In Q3, crop farming grew by 3.9pc. The country expects another bumper harvest for autumn grains.

 

Industrial production continued to gain momentum in the first three quarters with the total value added of large industries up by 1.2pc from a year ago. In H1, industrial production fell by 1.3pc, while it grew by 5.8pc in Q3 from a year ago. The total value added of large industries in September grew by 6.9pc from a year ago, with a steady growth in the past six months.

 

In the first nine months, sector-wise, the value added of mining declined by 0.6pc from a year ago, while manufacturing grew by 1.7pc and power, gas and water utilities rose by 0.8pc. The value added of high-end manufacturing and equipment production increased by 5.9pc and 4.7pc from a year ago. 

 

The official Manufacturing Purchasing Managers’ Index rose by 0.5 percentage points from August to 51.5pc in September, staying in the growth zone for the seventh consecutive month.

 

In the first nine months, China’s service sector recovered steadily. The Index of Services Production fell by 2.6pc from a year ago. In September, the index grew by 5.4pc from August. The Business Activity Index for telecommunication, transportation, IT and hotel all settled above 60pc, while the Business Activities Expectation Index for service rose by 0.9 percentage points to 62.2pc from August.

 

The Chinese government is cautious about global economic uncertainty since the country is under scrutiny for being able to curb the pandemic in the mainland. 

Leave a Reply

Your email address will not be published.