China’s economy grows faster than expected in 2023

China’s GDP increased by 4.9% year on year in the third quarter, above market forecasts as Beijing increases assistance for the world’s second-largest economy.

According to China’s National Bureau of Statistics, the economy increased by 1.3% on a quarterly basis, recovering some impetus after expanding by only 0.5% in the April-June period.

The higher year-on-year growth rates also reflect a contrast with a period of rolling lockdowns last year, prior to the conclusion of Xi Jinping’s pandemic restrictions.

To help China meet its annual growth target of 5%, which is already the lowest in decades, Beijing has worked in recent months to stabilize the housing and banking sectors, as well as to shore up support for the country’s stock market and currency.

According to Sheng Laiyun, an NBC spokesman, China is on pace to meet the 2023 objective, with the economy improving until the fourth quarter. However, he noted that the pandemic’s impact on the private sector was “serious,” and that the government needs to increase its help.