The economic performance in the first three quarters was generally stable while making progress.

In a recent press conference held by the State Council Information Office on October 18, Deputy Director of the National Bureau of Statistics, Sheng Laiyun, provided insights into the economic performance of China during the first three quarters of the year. According to preliminary calculations, the GDP reached 94.9746 trillion yuan, marking a year-on-year growth of 4.8% at constant prices. Notably, September saw a general improvement in production and demand indicators, leading to enhanced market expectations and accumulating positive factors for economic recovery.

Sheng Laiyun highlighted three key characteristics of the economic operation in the first three quarters:

– **Stability in Economic Growth**: The overall tone of economic activity has remained stable. In terms of growth rates, the GDP saw a year-on-year increase of 5.3% in the first quarter, 4.7% in the second, and 4.6% in the third quarter. These fluctuations were minor and hovered around the “approximately 5%” target.

– **Stable Employment and Prices**: The average urban unemployment rate stood at 5.1%, consistent with the first half of the year, while the Consumer Price Index (CPI) rose by an average of 0.3% over the three quarters, an increase of 0.2 percentage points compared to the first half. Additionally, the balance of international payments remained stable.

– **Positive Changes in September**: There were noticeable improvements in various economic indicators, suggesting a stabilizing trend. Industrial production and the service sector both showed signs of marginal improvement. In September, the industrial output of large enterprises increased by 5.4%, marking the end of a four-month decline, while the service sector production index grew by 5.1%, up 0.5 percentage points from August.

On the policy front, Sheng emphasized the effectiveness of both existing and newly introduced measures. Policies aimed at promoting large-scale equipment upgrades, fostering consumption, and optimizing the real estate market were instrumental in bolstering market confidence. For example, the consumption upgrade policy led to an impressive 4.4% year-on-year increase in appliance and audio-visual equipment retail sales for large enterprises, particularly in September, when categories such as automobiles and home appliances showed marked improvement.

Sheng conveyed optimism about the upcoming quarter, stating, “We believe that favorable conditions for stabilizing and recovering the economy are increasing, and our confidence in achieving the ‘around 5%’ target is strengthening.” With a solid GDP growth of 4.8% in the first three quarters, the groundwork for meeting the annual objectives appears strong. September’s positive economic changes have further boosted developmental confidence, leading to increased consumer spending and business investments.

Looking ahead, a collaboration of policy measures aimed at investment, consumption, and industrial development is expected to enhance economic dynamism. Recent indicators suggest a stabilization trend, with many monitored industrial material prices rising in early October, which can positively impact business conditions.

In conclusion, Sheng Laiyun expressed confidence in sustaining the positive momentum seen in September into the fourth quarter, reaffirming the government’s commitment to achieving yearly economic goals.