BEIJING, 24th October, 2023 (WAM) -- China's GDP grew by 4.9% year-on-year in Q3, surpassing economists' predictions of 4.4%. This demonstrates the continuing momentum of China's economic recovery, spurred by the introduction of various macro-policies since July.

According to a Global Times report, Chinese analysts emphasise the strength and resilience of the Chinese economy. They believe China is on track to meet its annual growth target of approximately 5% this year. The analysts pointed out the vast potential in the Chinese economy, considering dividends from labour force transformation, urbanisation, and ongoing industrial advancements.

The country's economic progress, particularly in tech and consumer sectors, has been notable. As such, analysts argue that concerns about China following Japan's 1990s economic stagnation are baseless.

Data from the National Bureau of Statistics (NBS) revealed a 5.2% growth for the first three quarters. Key factors contributing to this recovery include the rise in domestic demand, foreign trade, and industrial output.

NBS data highlighted a 5.5% year-on-year rise in retail sales in September, outperforming forecasts. Additionally, fixed-asset investments grew by 3.1% in the first three quarters.

Analysts remain optimistic about China's economic outlook, stressing its pivotal role in global recovery. "The challenges faced by our economy are anticipated, but will not impede our pursuit of high-quality development," said Cong Yi from Tianjin University of Finance and Economics.

Cao Heping projects further recovery in Q4, emphasising China's economic foundations and the burgeoning new growth areas. Premier Li Qiang echoed this sentiment, highlighting the country's unwavering developmental strengths.