China is expected to see a strengthening trend of economic recovery in the fourth quarter this year, supported by solid industrial production, robust domestic demand, and stable supply and production of essential materials, said an economist at the National Development and Reform Commission (NDRC) on Monday.
Official data indicates that China's industrial production is accelerating recovery. In the January-September period, 38 out of the 41 major industrial sectors witnessed year-on-year growth in added value. In its 31 provincial-level regions, 28 registered year-on-year increase in added value.
In the first three quarters, domestic demand in China, such as final consumption expenditure and gross capital formation contributed to 76.2 percent of the country's GDP growth. In addition, China keeps improving its industrial structure. From January to September, the equipment manufacturing industry contributed 33.8 percent to the total value-added output of all major industries.
China's three major modern service industries -- information transmission, software and IT services, leasing and business services, and financial services -- experienced rapid growth, with added values rising by 11.3 percent, 10.1 percent, and 5.2 percent, respectively, in the first nine months of the year. The combined share of these three sectors in the total service industry rose to 30.1 percent, indicating that the industrial structure is continuously upgrading.
"In September, macroeconomic data from both supply and demand sides showed varying degrees of recovery, and public expectations and confidence also improved. This suggests that the momentum for stabilizing and boosting our economy is growing stronger. As for the fourth quarter, as the existing policies take effect and a series of incremental policies are continuously introduced, the policies will gradually show their effect, further strengthening the trend of economic recovery," said Huang Hanquan, head of the Chinese Academy of Macroeconomic Research affiliated to the NDRC.
China's economic rebound expected to strengthen in Q4: expert
