China’s National Bureau of Statistics reported third-quarter GDP growth of 4.6% year on year, slightly exceeding expectations. This growth is lower than the second quarter’s growth of 4.7%. Other data such as retail sales and industrial production also exceeded expectations. Despite challenges, China’s economy is showing positive signs of growth, with the full-year GDP growth target of around 5% now within reach. Chinese officials have announced support measures to boost the economy, including reducing the amount of cash banks need on hand and increasing debt and the deficit. The Housing Ministry also announced measures to support the flagging property sector. The government’s commitment to shoring up the economy gives reason to be more optimistic about growth in the coming years.
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