China grew above expectations

China’s economy grew faster than expected in the third quarter compared with the same period a year ago, suggesting that the recent recovery could provide enough momentum for Beijing to meet its full-year growth target. According to data released by China’s National Bureau of Statistics, gross domestic product increased by 4.9 percent in the July-September period from the same period a year earlier. Economists had expected growth to slow to 4.4 percent in the third quarter from 6.3 percent in the second quarter. GDP grew by 1.3 percent in the third quarter from the previous quarter. Growth was expected to remain at 1.0 percent. The government had set its growth target for 2023 at around 5.0 percent. The National Bureau of Statistics said in a statement that if China’s fourth-quarter annual GDP growth exceeds 4.4 percent, the full-year GDP target of around 5 percent could be met. Retail sales rise in September, urban unemployment at near two-year low China’s retail sales rose in September, while the urban unemployment rate fell to a near two-year low, according to government data. Economists say retail sales rose 5.5 percent last month, down from a forecast 4.9 percent increase. Urban unemployment fell to 5 percent in September, the lowest level since November 2021, from 5.2 percent in August.