China's GDP expanded 5.2 percent year on year in the first three quarters of 2023 as the country's growth steadily advances, official data showed Wednesday.

The growth in the first three quarters has laid a solid foundation for China to achieve its annual growth target of around 5 percent, said Sheng Laiyun, deputy head of the National Bureau of Statistics.

China's third-quarter GDP expanded by 4.9 percent, beating analysts' expectations of a 4.4-percent increase according to a poll by Reuters.

"China's recovery is regathering pace with more secure footing, mainly thanks to consumers splurging during the summer and stronger-than-expected industrial output," Bruce Pang, chief economist and head of research at JLL Greater China, told CGTN.

From January to September, fixed-asset investment grew by 3.1 percent year on year. During the same period, value-added industrial output increased by 4 percent and retail sales of consumer goods jumped 6.8 percent, both exceeding analysts' forecasts.

Sheng noted that the urban unemployment rate edged down 0.2 percentage point to 5 percent in September, falling for two consecutive months.

The improvement of the employment situation is a very important indicator of economic recovery and indicates a positive change, Sheng added.

China has introduced a raft of targeted measures to expand demand and boost market confidence in the third quarter, including cutting the reserve requirement ratio and relaxing property market curbs.

Fiscal and industrial policies rather than monetary stimulus would be needed to keep the recovery on track, according to Pang. The policy support should come in "a gradual and persevering way," he added.

The International Monetary Fund projected on Wednesday that China's economy will grow by 5 percent in 2023, in line with the government forecast, while Nomura raised its China GDP growth forecast to 5.1 percent on positive signs, and lifted fourth-quarter growth expectations to 4.7 percent.