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Third-quarter growth in China beat expectations

The Chinese economy recorded a growth performance of 3.9 percent in the third quarter of the year. Economists had expected 3.4 percent growth.

Third-quarter growth in China beat expectations

The Chinese economy grew beyond expectations in the third quarter of the year.

Gross domestic product (GDP) in the world's second largest economy increased by 3.9 percent year-on-year in the July-September quarter, exceeding forecasts.

Economists had expected 3.4 percent.

China's economy rebounded faster than expected in the third quarter, but Beijing's efforts to spur a strong rebound over the next year are being challenged by stringent Covid restrictions and risks of global recession, official data released on Monday showed.

On a quarterly basis, GDP increased by 3.9 percent in the third quarter, while the expected increase of 3.5 percent in the previous quarter was realized as a decrease of 2.6 percent.

Despite the recovery, the economy is facing challenges in many areas at home and abroad. China's Covid-Zero strategy and contention in its key real estate sector, external pressure from the Ukraine crisis, and interest rate hikes to curb hot inflation have exacerbated a global slowdown.

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