NBS: China's Jan-Sept GDP rises 4.6% YoY, Q3 growth accelerates to 4.5%

The GDP growth during the July-September quarter registered 4.5% on year, picking up pace from the 4.3% rise recorded for the April-June quarter, the NBS data showed.

In the first three quarters of this year, the Chinese government stepped up macroeconomic policy support, fostered new quality productive forces and effectively mitigated risks, helping the national economy to maintain steady operation despite pressures, according to the NBS release.

Among the three backbones of China's economy, the tertiary sector still contributed the most to the GDP growth in the past three quarters, with its production value rising 5.2% on year to Yuan 62.83 trillion.

Within the sector, value added in the leasing and business services jumped 12.3% on year, and that in the information transmission, software and information technology services rose 10.4% on year. Meanwhile, production value in financial services and accommodation and catering services increased 5.8% and 5.5% on year respectively.

During the same period, the output of China's agriculture sector went up 3.7% on year to reach Yuan 5.9 trillion, and that of the industrial sector grew 3.8% on year to Yuan 38.38 trillion, NBS data showed.

Within the industrial sector, manufacturing industry recorded the most significant growth, with its value added in the first three quarters expanding 5.7% on year. Notably, the value in high-tech manufacturing jumped 14.3%.

By industrial products, the output of 3D printing equipment, lithium-ion battery, and industrial robots continued to grow rapidly by 62.5%, 39.5%, and 29.1% on year respectively.

On the consumption front, China's total retail sales of consumer goods and services grew 2.6% on year over January-September, NBS data showed.

China's employment situation remained stable during the first nine months, with the unemployment rate in the townships staying unchanged on year at 5.2%, while the country's per capita disposable income increased 5.3% on year to Yuan 34,230, according to NBS statistics.

Written by Anthea Shi, shihui@mysteel.com

Edited by Alyssa Ren, rentingting@mysteel.com