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            Positive indicators reflect resilience and vitality of Chinese economy

            By Chen Liubing | chinadaily.com.cn | Updated: 2022-10-25 13:18
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            Employees sort packages at a logistics center in Guiyang, Guizhou province. [Photo/Xinhua]

            The National Bureau of Statistics released China's Q3 statistics yesterday, revealing that the country's economy rose by 3.9 percent year-on-year. Positive indicators such as consumption and infrastructure investment reflected the resilience and vitality of the Chinese economy, experts said.

            Zhou Maohua, an analyst at China Everbright Bank, believes the ease on costs and financing pressure will promote investment in the manufacturing industry. As China has actively promoted infrastructure construction projects, the growth of infrastructure investment is expected to accelerate. Moreover, the strong growth of financial credit data also indicates further strengthening of investment momentum, Economic Information Daily reported on Tuesday.

            The consumption sector continues its rebound thanks to supportive policies, with its contribution to economic growth reaching 41.3 percent in the first nine months, driving GDP growth by 1.2 percentage points. China's final consumption expenditure contributed 52.4 percent to economic growth in the third quarter, driving GDP growth by 2.1 percentage points, the NBS said.

            In the first three quarters, total retail sales of consumer goods totaled 32.03 trillion yuan ($4.38 trillion), up 0.7 percent year-on-year, with a growth rate 0.2 percentage points higher than that of the Jan-Aug period, said Dong Lihua, director of the Trade and Economic Department at the NBS.

            China's online retail sales grew by 6.1 percent year-on-year in the first three quarters, accounting for 25.7 percent of the total retail sales of consumer goods. Sales of new energy passenger vehicles in the first three quarters reached 3.87 million units, up 113.2 percent on a yearly basis.

            Wang Qing, chief macroeconomic analyst at Golden Credit Rating International, also believes the consumption sector will keeps its recovery momentum through to the next stage, the report said.

            As a series of pro-consumption policies to support market entities and enhance consumers' consumption ability and willingness are effectively implemented, the consumer market will continue to recover steadily, Dong said.

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