China GDP grows as expected in Q3, remains below 5% annual target

The Chinese economy grew as expected in the third quarter, gross domestic product data showed on Friday, although the economy’s pace of growth remained below Beijing’s annual target.

Chinese GDP grew 4.6% year-on-year in the three months to September 30 in line with expectations but slowing from the 4.7% seen in the prior quarter.

GDP grew 0.9% quarter-on-quarter, slightly missing expectations of 1%.

This brought year-to-date GDP growth to 4.8%, still below Beijing’s 5% annual target.

Beijing announced a string of stimulus measures in the past three weeks, marking China’s most concentrated efforts yet to shore up sluggish economic growth. A sustained deflationary trend, weak private spending and a prolonged property market crash have been the biggest weights on the Chinese economy in recent years.

Recent stimulus, however, sparked mixed sentiments towards the economy, given that Beijing did not provide key details on the timing and scope of the planned measures.

Still, the Chinese government said the economy remained on track to achieve its 5% annual target. The government also announced targeted measures to support the property market, as well as plans to improve the debt positions of local governments.

Separate data on Friday showed China’s industrial production and retail sales both grew more than expected in September, while the country’s unemployment rate fell to 5.1% against expectations it would remain at 5.3%.