China’s National Bureau of Statistics reports that the GDP increased 4.6% on an annual basis in the three months ending in September. That falls short of the government’s “around 5%” goal for this year as well as the prior quarter.
However, it was somewhat better than analysts had anticipated, and other official numbers that were made public on Friday, such as manufacturing output and retail sales, also above projections.
Beijing has unveiled several policies to boost development in recent weeks.
China’s official indicator of economic growth has dropped below the 5% threshold for the second consecutive quarter.
Eswar Prasad, the former head of the International Monetary Fund’s (IMF) China section, told News that the government’s growth objective for this year now looks to be seriously in risk.
Reaching the goal will need a significant stimulus-driven increase in growth in the fourth quarter.
Harry Murphy Cruise, an economist with Moody’s Analytics, was more upbeat. According to him, the stimulus plans are “likely to propel the economy to its around 5% target for the year.”
Additionally, official data revealed that September had the biggest decline in new home prices in nearly
