China economy grows 4.9% in Q3, extending virus recovery

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Fixed-asset investment - spending on land, equipment or infrastructure - rose 0.8 percent in the first nine months from a year earlier, after dipping 0.3 percent in the first eight months. "Seen from the trends of the key indicators, China's epidemic prevention and economic recovery are at the world's forefront, which shows the strong resilience and vitality of the economy", said Liu Aihua, spokesperson of the NBS.

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.

However, the expansion fell short of forecasts and officials warned of uncertainty as the disease continues to ravage other key markets, with the National Bureau of Statistics saying "the global environment is still complicated".

Monday's third-quarter growth number offers further evidence of China's relative strength and moves the country's economy into positive territory for the first nine months of the year, expanding 0.7% from a year earlier.

She highlighted "great pressure" in forestalling virus cases from overseas and preventing a virus resurgence at home. Travel restrictions for toureists and authorities have been lifted boasting Tourism Economy.

Last week, more than 10 million people were tested for the virus in the eastern port of Qingdao after 12 cases were found there. That broke a two-month streak with no virus transmissions reported within China.

Beijing-Chinese Officials said on Monday that gross domestic product in the third quarter was up 4.9% year-on-year, putting the Chinese economy back on track for the coronavirus half a year ago. Chinese exporters are taking market share from foreign competitors that still are hampered by anti-virus controls.

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Retail sales grew 3.3 percent year on year in September, versus a 0.5 percent growth in August. In the first half year, the economy declined by 1.6 percent year on year.

In a sign demand is accelerating, sales in September rose 3.3 per cent.

But consumption remained a weak point compared with investment and exports.

Beijing paved the way for a return to economic growth "in roughly three stages", The Wall Street Journal reports: Shutting down its economy from January through March, firing up its factories starting in April, and - "having nearly entirely stamped out the coronavirus within its borders - encouraging consumers to begin venturing outside of their homes and opening up their wallets". The ruling party's decision to impose the most intensive anti-disease measures in the history helps the china to recover fast.

The International Monetary Fund has forecast an expansion of 1.9 per cent for China for the full year, the only major economy expected to report growth in 2020. The IMF expects a 9.8 per cent contraction in France, 6 per cent in Germany and 5.3 per cent in Japan.

- A total of 8.98 million new urban jobs were created in the first three quarters, completing 99.8 percent of the annual target.

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