China’s National Bureau of Statistics reported third-quarter GDP growth of 4.6% year on year, slightly exceeding expectations and showing positive signs of growth. Other data released, such as retail sales and industrial production, also beat expectations, indicating hope for the world’s second-largest economy. Despite challenges, China’s economy is not incurable, with the full-year GDP target of around 5% now within reach with additional stimulus in the fourth quarter. Chinese officials have announced support measures to jumpstart the economy, including cutting the amount of cash banks need to have on hand and increasing debt and the deficit. The Housing Ministry also announced plans to expand its “whitelist” of real estate projects and speed up bank lending for unfinished developments. This ongoing support and stimulus measures aim to boost consumer sentiment and the flagging property sector, showing the government’s commitment to shoring up the economy and providing reason for optimism about future growth in China.
Photo credit
www.nbcnews.com
