Posted on 20 Oct 2021
Over January-September, China's gross domestic product (GDP) grew 9.8% on year to Yuan 82.3 trillion ($12.8 trillion) with the GDP growth for Q3 having slowed to 4.9% on year against the 7.9% on-year gain for Q2 or the 18.3% on-year rise for Q1, though all the key economic indicators stayed within reasonable ranges until September, the country's National Bureau of Statistics (NBS) shared on October 18.
“In the first three quarters, China’s national economy had been steadily recovering and developing, all the key economic indicators had been within reasonable ranges, employment market had been basically stable… national economic structure had been optimized, and both quality and efficiency had been progressing steadily…” NBS summarized in an analysis copy released also on Monday.
The Q3 GDP, however, still grew 0.2% on quarter, and among the three sectors, the industrial sector grew the most by 10.6% on year for January-September, though the tertiary industry contributed the most with Yuan 45.1 trillion or 54.8% of the total, according to the NBS data.
Over January-September, sizeable industrial enterprises saw their added value grow even faster by 11.8% on year, and among all the major categories, high-technology manufacturing grew by 20.1% on year, and by product, new energy vehicle grew the most in volume by 172.5% on year.
In the first three quarters, China’s social consumer goods retail revenue grew 16.4% on year to Yuan 31.8 trillion, with the revenue for September up 4.4% on year, and among the total over January-September, online retails grew even more substantially by 18.5% on year to about Yuan 9.2 trillion, the official data showed.
As for employment, China created 10.45 million new jobs over January-September, or 95% of the annual target, and by the end of September, unemployment rate fell 0.2 percentage point on month or down 0.5 percentage point on year to 4.9%, though in the age group 16-24 years old, unemployment rate hovered high at 14.6%.
For the rest of 2021, China’s economy will be challenged with uncertainties in the global environment, and instability and imbalance in the domestic market, and to realize the annual GDP growth target, the country should tirelessly invigorate the domestic market, further release the potential in domestic demand, and ascertain that key economic indicators sustain within the reasonable ranges, according to NBS.
For 2021, China aims at a minimum 6% on-year growth in GDP, as reported.
Source:Mysteel Global
