Sci-tech

China's economy accelerates ahead of the rest in race to recovery

China's economy accelerates ahead of the rest in race to recovery”

In the first nine months, the country's economy rebounded to 0.7 percent from a year ago, according to the National Bureau of Statistics (NBS).

That was lower than the median 5.2% forecast by economists polled by Nikkei.

China's economy saw a further recovery in September, especially in the services sector, with positive growth for the first three quarters that was reversing the negative figure for the first half of 2020.

Worldwide monetary fund Is expected China's economy will expand 1.9% in 2020, and this pandemic will be the only major global economy that has grown a fierce year.

China's major indexes have strengthened after the Golden Week holiday, with the CSI300 rising almost 4% so far this month, helped in part to Beijing's continued policy support for its capital markets and economy.

China's economic recovery accelerated in the third quarter as consumers shook off their coronavirus caution, however, overall growth missed forecasts pointing to persistent challenges for one of the world's few current engines of demand.

The pandemic caused a historic contraction in China's GDP earlier this year.

Growth of industrial production and retail sales quickened to 6.9 percent and 3.3 percent year on year in September from 5.6 percent and 0.5 percent in August. The world's second-largest economy grew slightly below expectations in the July-September period, National Bureau of Statistics (NBS) data showed, while it cautioned of uncertainty ahead as "the global environment is still complicated". "Industrial robots grew 51.4pc year-on-year".

A worker is seen on scaffoldings at a construction site of a residential compound in Beijing on Monday
A worker is seen on scaffoldings at a construction site of a residential compound in Beijing on Monday

Headline retail sales growth in nominal terms rose significantly to 3.3 percent year on year in September from 0.5 percent in August, stronger than the market consensus.

Industrial output also beat expectations, jumping 6.9 per cent on-year in September.

But "China is not absolutely free from the risk of a second wave of Covid-19, pent-up demand will likely lose some steam... and rising US-China tensions could dent China's exports and manufacturing investment", Lu said.

"The September moderation was led mainly by infrastructure and manufacturing investment".

- Retail sales of consumer goods rose 0.9 percent year on year in the third quarter of the year, the first positive quarterly growth this year.

In contrast, the U.S. economy is expected to decline 4.3% and the eurozone is expected to decline 8.3%, the International Monetary Fund said in its latest update this month.

"We are well-positioned to achieve the target of creating 9 million new urban jobs for the entire year", Chinese premier Li Keqiang said at the State Council's executive meeting on October 10. The Russell 2000 index of small-cap stocks dropped 5.08 points, or 0.3%, to 1,633.81.

"We should also be aware that the global environment is still complicated and severe with considerable instabilities and uncertainties, and that we are under great pressure of forestalling epidemic transmissions from overseas and its resurgence at home".

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