China's Economy Grows 9.8% in Jan-Sept

China's GDP grew by 9.8 percent year-on-year in the first three quarters of the year to 82.31 trillion yuan ($12.79 trillion), compared with 12.7 percent in the first half, the National Bureau of Statistics said on Monday.
 
In the third quarter, China's economic growth came in at 4.9 percent both on a yearly basis and on a two-year average basis, compared with 7.9 percent and 5.5 percent in the second quarter, respectively, the NBS said.


The NBS said the economy has managed to withstand the multiple pressures such as the COVID-19 resurgence and heavy rainfall in the first nine months, sustaining its recovery with major economic indicators falling in a reasonable range.
 
The tight supply of electricity and coal in China is periodic and its impact on the economy can be controlled, said Fu Linghui, spokesperson of the National Bureau of Statistics.
 
On a quarter-on-quarter basis, China's GDP expanded by 0.2 percent in the July-September period, versus 1.3 percent in the April-June period.
 
Industrial output rose by 11.8 percent year-on-year over the first three quarters of the year, putting the two-year average growth to 6.4 percent, the NBS said.
 
Retail sales grew by 16.4 percent on a yearly basis in the first three quarters and 3.9 percent on the two-year average basis.
 
The growth in fixed-asset investment came in at 7.3 percent on a yearly basis in January-September period, sending the two-year average growth to 3.8 percent.
 
Surveyed urban jobless rate came in at 4.9 percent last month, compared with 5.1 percent in August, the bureau said.
 
Nevertheless, the bureau said the country's economic recovery remains uneven and unstable, and more efforts will be made to boost market vitality, release demand potential and keep the economy running within the reasonable range.