{"id":13147,"date":"2023-10-19T13:00:16","date_gmt":"2023-10-19T13:00:16","guid":{"rendered":"https:\/\/focus.cbbc.org\/?p=13147"},"modified":"2023-10-19T11:35:10","modified_gmt":"2023-10-19T11:35:10","slug":"how-is-the-chinese-economy-performing-in-2023","status":"publish","type":"post","link":"https:\/\/focus.cbbc.org\/how-is-the-chinese-economy-performing-in-2023\/","title":{"rendered":"How is the Chinese economy performing in 2023?"},"content":{"rendered":"

On Wednesday, 18 October, China announced that its GDP grew 4.9% year-on-year in the third quarter of 2023, putting it on track to achieve its 5% growth target<\/h2>\n

\"Launchpad<\/a><\/p>\n

The Q3 figure was above analysts\u2019 expectations of 4.5% growth, but below the 6.3% growth seen in the second quarter. On a quarterly basis, China’s GDP grew 1.3%, accelerating from 0.5% in the second quarter.<\/p>\n

Despite growth exceeding expectations, the\u00a0National Bureau of Statistics (NBS) commented that the \u2018outside environment\u2019 is growing increasingly \u2018complex\u2019, that domestic demand remains insufficient, and that \u2018growth needs to be further consolidated\u2019.<\/p>\n

Over the past week, the NBS also released more economic data for September and the first nine months of the year, including both good news and bad.<\/p>\n

Retail sales \u2014 a gauge of consumption \u2014 grew 5.5% year-on-year, up from 4.6% in August, and above analysts\u2019 expectations of a 4.9% rise. Tourism and consumption revenue from the National Day Holiday \u201cGolden Week<\/a>\u201d in October may push this figure up in the fourth quarter results, but consumer confidence is still not rebounding as quickly as hoped, likely due to widespread concern about troubles in the property market<\/a>.<\/p>\n

As such, the consumer price index showed no change in prices, and the producer price index (PPI) fell 2.5% year-on-year \u2014 marking 12 straight months of decline. This indicates ongoing deflationary pressures and weak demand for goods and services in China\u2019s economy.<\/p>\n