Chinese economy expands 4.9% in third quarter

Chinese economy expands 4.9% in third quarter

China’s economy expanded 4.9 per cent year on year in the third quarter as industrial growth powered the country’s recovery from the coronavirus pandemic.

The expansion in gross domestic product missed expectations but was well ahead of a 3.2 per cent increase in the second quarter and represented a sharp turnround from a historic decline at the start of the year.

The recovery in the world’s second-largest economy, which has been stoked by a state-backed industrial boom, now shows signs of extending to consumption at a time when global growth remains under severe pressure.

Industrial production in China leapt 6.9 per cent in September — its highest level this year and the same rate as in December before the coronavirus outbreak.