NBS: China's Jan-Sept GDP keeps steady growth at 5.2% YoY

For the July-September quarter, the GDP growth rate registered 4.8% on year, slower than the 5.2% rise recorded for the second quarter, the NBS data showed. Despite complex external challenges, China's economy has maintained resilience and stable growth, according to NBS.

Among the three pillars supporting China's economy, the tertiary sector contributed the most to GDP growth during this year's first three quarters, with its production value rising 5.4% on year to Yuan 59.3 trillion.

Notably within this sector, the value added for the information transmission, software and information technology services jumped 11.2% on year, and that for leasing and business services expanded 9.2%. Meanwhile, the added value for transportation, storage and postal services and wholesale and retail services increased 5.8% and 5.6% respectively on year.

During the same period, the output of China's agriculture sector rose 3.8% on year to Yuan 5.8 trillion, and that of the industrial sector grew 4.9% to Yuan 36.4 trillion, according to the NBS data.

Specifically in the industrial sector, mining and manufacturing industries posted marked growth of 5.8% and 6.8% respectively, with high-tech manufacturing jumping 9.6% on year. By product, the value added for 3D printers, industrial robots, and new energy vehicles surged 40.5%, 29.8%, and 29.7%.

China's steady advance of high-quality development has effectively mitigated the uncertainties China faces in the global market, according to NBS.

During January-September, total retail sales of consumer goods across China reached Yuan 36.6 trillion, higher by 4.5% compared with the same period last year, while the country's per capita disposable income expanded 5.1% on year to Yuan 32,509, NBS data showed.

Written by Anthea Shi, shihui@mysteel.com

Edited by Russ McCulloch, russ.mcculloch@mysteel.com