China's GDP grows 4.6% in Q3, optimism buoyed towards future growth targets

China witnessed impressive economic growth during the first three quarters of 2024, data from the National Bureau of Statistics (NBS) showed on Friday.

The country's gross domestic product (GDP) experienced a growth of 4.6 percent in the third quarter, following a 4.7 percent growth in the second quarter. In the first three quarters, China's GDP grew by 4.8 percent, reaching over 94.97 trillion yuan (about $13.34 trillion), according to the NBS data. 

At a press conference on Friday, Sheng Laiyun, NBS deputy director, said that based on the economic performance in the first three quarters and with the incremental policy measures coming into effect, favorable conditions for recovery are growing and confidence in meeting the five-percent annual growth target is strengthening. 

The economic forecast is strong for the world's second largest economy. Beating economist expectations in a recent poll conducted by Reuters, the sustained growth can be attributed to the wave of proactive stimulus measures announced by the Chinese central government in September. 

Industry experts remain optimistic. Bruce Pang, chief economist at JLL, in a note to CGTN, said that the five-percent growth target can be achieved if the stimulus package can soon take effect. 

Many of the recent policies have focused on shoring up and developing the country’s real estate market.

Housing sales have been on the rise across many Chinese cities during the National Day holiday, said Sheng, following a directive from Chinese authorities in late September to cut mortgage rates for existing loans, lower down payment ratios, and relax purchase restrictions.

The central government has also encouraged municipal governments to take a proactive approach in their own respective development.

Other sectors and industries also experienced gains in the first three quarters, with industrial output growing 5.8 percent year on year and retail sales of consumer goods rising 3.3 percent, bolstered by favorable trade-in offers. 

China's passenger vehicle market also gained momentum in the third quarter, with the launch of several new vehicle models during the holiday periods in September and October.

Sheng added that the economy is expected to maintain its recovery momentum from September into the fourth quarter, confident that the country will meet its five-percent annual growth target.