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Published: 11:11, October 18, 2021 | Updated: 14:54, October 18, 2021
China's GDP expands 9.8% in first three quarters
By Xinhua
Published:11:11, October 18, 2021 Updated:14:54, October 18, 2021 By Xinhua

This undated photo captures a woman  at a supermarket in Handan, Hebei province. (HAO QUNYING / FOR CHINA DAILY)

BEIJING - China's economy continued stable recovery in the first three quarters of this year with major indicators staying within a reasonable range, official data showed Monday.

The country's gross domestic product (GDP) expanded 9.8 percent year on year in the first three quarters, putting the average growth for the period in the past two years at 5.2 percent, data from the National Bureau of Statistics (NBS) showed.

In the third quarter (Q3), the country's GDP grew 4.9 percent year on year, slower than the growth of 18.3 percent in Q1 and 7.9 percent in Q2.

The Chinese economy has maintained the recovery momentum in the first three quarters with progress in structural adjustment and high quality development.

Fu Linghui, spokesperson for the National Bureau of Statistics

"The Chinese economy has maintained the recovery momentum in the first three quarters with progress in structural adjustment and high quality development," said NBS spokesperson Fu Linghui.

Consumption contributed the lion's share to the economic growth in Jan-Sept, while net exports contributed 19.5 percent to the GDP increase.

Major economic indicators showed continued improvements across the board, with retail sales of consumer goods jumping 16.4 percent year on year in the first three quarters this year.

China's value-added industrial output went up 11.8 percent year on year in the first three quarters, while fixed-asset investment went up 7.3 percent year on year during the period.

The country's surveyed urban unemployment rate stood at 4.9 percent in September, 0.5 percentage points lower than the same period last year, NBS data showed.

ALSO READ: UNCTAD: China to easily outperform minimum GDP goal

During the Jan-Sept period, China added 10.45 million new urban jobs in the first three quarters, achieving 95 percent of the target for the whole year.

Recognizing the progress, Fu cautioned against rising uncertainties in the international environment and uneven recovery in the domestic economy, adding that the country will take various measures to keep the economy running within a reasonable range.

This undated photo captures a worker checking the operation of a carbon fiber production line at a factory in Lianyungang, Jiangsu province. (GENG YUHE / FOR CHINA DAILY)

Industrial output up 11.8% in first three quarters

China's value-added industrial output, an important economic indicator, went up 11.8 percent in the first three quarters, data from the NBS showed.

In September alone, industrial output rose 3.1 percent year on year and 10.2 percent from the 2019 level, according to the NBS

The figure puts average Jan-Sept growth for the past two years at 6.4 percent, the NBS said.

In September alone, industrial output rose 3.1 percent year on year and 10.2 percent from the 2019 level, according to the NBS.

The industrial output is used to measure the activity of designated large enterprises with an annual business turnover of at least 20 million yuan ($3.11 million).

Urban unemployment rate drops in Sept

China's surveyed urban unemployment rate stood at 4.9 percent in September, 0.5 percentage points lower than the same period last year, according to the NBS.

During the first nine months of this year, the country created 10.45 million new jobs in its urban areas, achieving 95 percent of the annual target.

In the third quarter of this year, the job market remained generally stable, said the spokesperson, citing key factors including sustained economic recovery and the implementation of job-first policies.

In this undated photo, job hunters seek positions and information at a career fair in Huaibei, Anhui province. (WAN SHANCHAO / FOR CHINA DAILY)

The recovery in the service industry is also conducive to expanding employment, Fu said, adding that the index measuring the service sector's output accelerated 0.4 percentage points in September from that in August.

The surveyed unemployment rate among those aged between 16 and 24 stood at 14.6 percent, while the rate among those aged between 25 and 59, the majority of the labor market, stood at 4.2 percent.

The surveyed unemployment rate in 31 major cities was 5 percent in September, down 0.3 percentage points from that in August.

The surveyed urban unemployment rate is calculated based on the number of unemployed people who have participated in the employment survey in urban areas, including migrant workers in cities.

Fixed-asset investment up 7.3%

China's fixed-asset investment (FAI) went up 7.3 percent year on year in the first nine months of this year, accorind to data from the NBS.

During the first three quarters, the FAI amounted to over 39.78 trillion yuan ($6.19 trillion), said the NBS.

Compared with the 2019 level, the FAI growth came in at 7.7 percent during the period. The two-year average growth stood at 3.8 percent.

The country's retail sales of consumer goods totaled around 31.8 trillion yuan ($4.9 trillion) in Jan-Sept period, data from the NBS showed

Investment by the private sectors rose 9.8 percent year on year to nearly 22.75 trillion yuan in the first three quarters, the data showed.

Property investment up 8.8%

China's investment in property development maintained steady expansion in the first nine months of the year, data from the NBS showed.

During the period, property investment rose 8.8 percent year on year to nearly 11.26 trillion yuan ($1.75 trillion), according to the data.

Compared with the same period in 2019, property investment climbed 14.9 percent, putting the two-year average at 7.2 percent, said the NBS.

Investment in residential buildings went up 10.9 percent from a year earlier to 8.49 trillion yuan in the first nine months.

This undated photo shows a customer tries out cosmetics at a duty-free shop in Sanya, Hainan province. (WU WEI / CHINA DAILY)

Retail sales up 16.4%

China's retail sales of consumer goods went up 16.4 percent year on year in the first three quarters this year, said the NBS.

The country's retail sales of consumer goods totaled around 31.8 trillion yuan ($4.9 trillion) in Jan-Sept period, Monday's data showed.

In September, China's total retail sales of consumer goods stood at 3.68 trillion yuan, up 4.4 percent year on year.

The figure increased by 7.8 percent from September 2019, putting the September average growth of the past two years at 3.8 percent, according to the NBS.

In the first three quarters, the catering industry saw a year-on-year increase of 29.8 percent in revenue, as the hardest-hit sector continued to recover from COVID-19 disruptions.

READ MORE: China's industrial output up 5.3% year-on-year in August

Online consumption remained a bright spot, with online retail sales rising 18.5 percent year on year to reach about 9.19 trillion yuan in the Jan-Sept period.

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