GDP expands 9.8% in first three quarters

Economic recovery remains unstable amid challenges, says National Bureau of Statistics
China's economy is expected to gain firmer footing in the rest of the year as the softening growth figures for the past quarter trigger stronger macro policy support and better coordination among multiple policy objectives, officials and experts said on Monday.
They commented after the National Bureau of Statistics said on Monday that the country's gross domestic product in the third quarter grew 4.9 percent year-on-year, down from 7.9 percent in the second quarter, marking the slowest pace in a year.
In the January-September period, China's GDP grew by 9.8 percent year-on-year to 82.31 trillion yuan ($12.8 trillion), down from 12.7 percent in the first half, due to elevated commodity prices, the domestic COVID-19 resurgence and heavy rainfall in some parts of the nation, the bureau said.
"China's economic recovery remains uneven and unstable amid rising challenges," said Fu Linghui, a spokesman for the bureau.
Fu said that power curbs in some areas have impeded industrial production, though the impact will ease amid policy measures to boost power and coal supplies, while a slowing property sector has had a limited drag on the economy.
China's industrial production grew 3.1 percent year-on-year last month, down from 5.3 percent in August. The growth in property development investment came in at 8.8 percent in the first nine months of the year, down from 10.9 percent a month earlier, the bureau said.
Despite the mounting headwinds, multiple factors will combine to ensure the fulfillment of China's full-year economic development goals, including stronger macro policy support, faster growth in consumption and infrastructure investment, and a vibrant high-tech sector, officials and experts said.
"With growing fiscal strength and relatively large space in monetary policy, China is able to roll out timely, effective measures in line with the changing situation and keep the economy running steadily," Fu said.
On the fiscal front, a co

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