The Chinese economy has posted generally stable performance in the first three quarters of this year, said Sheng Laiyun, deputy head of the National Bureau of Statistics (NBS), on Friday.
At a press conference in Beijing, he highlighted three key characteristics of China's economic performance in the first nine months. He emphasized that a package of incremental policies launched after the meeting of the Political Bureau of Communist Party of China (CPC) Central Committee on September 26 has significantly boosted market confidence and invigorated market activity.
"Despite slight fluctuations in economic growth in the second and third quarters, the overall trend of stable economic growth remained unchanged when viewed cumulatively. In terms of four major macroeconomic indicators -- growth, employment, inflation, and international balance of payments -- the economic performance in the first three quarters was generally stable," Sheng told the press while referring to the first characteristic.
The NBS data showed that the gross domestic product (GDP) in the first three quarters was up 4.8 percent year on year. Specifically, the GDP for the first quarter grew by 5.3 percent year on year; it was up by 4.7 percent for the second quarter, and up by 4.6 percent for the third quarter.
Employment and prices remained generally stable. The surveyed urban unemployment rate stood at 5.1 percent in the January-September period, consistent with the first half of the year. Specifically, it was 5 percent in the second quarter and 5.2 percent in the third quarter.
The consumer price index (CPI), a main gauge of inflation, rose by 0.3 percent year on year in the first three quarters. The CPI for the first quarter remained unchanged. It went up by 0.3 percent for the second quarter, and was up by 0.5 percent for the third quarter.
International payments were also generally balanced. In the first three quarters, the total value of exports grew by 6.2 percent year on year.
The second characteristic was that the trend of China's commitment to high-quality development remains unchanged, according to the official.
"In the first three quarters, authorities in various regions implemented the new development concept in a thorough, accurate and comprehensive manner, steadfastly promoting high-quality economic development. Progress was made in the five aspects of the vision -- innovation, coordination, green development, openness, and sharing," Sheng said.
The third characteristic he said was that in September, the national economy showed positive changes, with most indicators showing improvements and signs of stabilization and recovery in economic operations.
"Due to a series of policy effects - particularly after the important meeting of the Political Bureau of the Communist Party of China Central Committee in late September, the accelerated introduction of a package of incremental policies has significantly boosted market confidence, improved business expectations, and increased market vitality," he said.
China posts stable economic growth in Q1-Q3: official
