China remains the most stable and most dynamic source of world economic growth, said an economist on Tuesday.
China's gross domestic product (GDP) expanded by 5.2 percent year on year in the first three quarters of this year, outpacing other major economies and solidifying China's role as a key driver of global economic growth, according to Liu Xueyan, an economist with the Academy of Macroeconomic Research, a research institution affiliated with the National Development and Reform Commission -- China's top economic planner.
Official data show that China's GDP reached over 101.5 trillion yuan (about 14.26 trillion U.S. dollars) during the January–September period.
In the third quarter alone, the country's economic output totaled 35.5 trillion yuan (about 4.99 trillion U.S. dollars), surpassing the projected full-year GDP of the world's third-largest economy in 2024.
"Given China's massive economic base, each additional percentage point of the GDP growth represents an absolute increment equivalent to the entire economy of a medium-sized country. China's contribution to global economic growth has consistently remained at around 30 percent, reaffirming its status as the most stable and most dynamic source of world economic growth," said Liu.
China remains most dynamic source of global economic growth: economist
Chinese Premier Li Qiang on Friday chaired a State Council executive meeting which mulled measures to boost consumption by accelerating the formation of new growth points in service consumption.
The meeting called for continued efforts to boost consumption by fully leveraging the integrated effects of different policies, linking improvement in people's wellbeing to consumption growth, and giving full play to the fundamental role of consumption in driving economic growth.
The meeting emphasized the importance of accelerating the cultivation of new growth points in service consumption, supporting new business forms, models, and scenarios, and increasing the supply of high-quality services.
Efforts should be made to improve the long-term mechanism for promoting consumption by formulating and implementing plans aimed at expanding consumption during the 15th Five-Year Plan period (2026-2030), increasing the income of urban and rural residents, speeding up the removal of unreasonable restrictive measures for consumption, and implementing the paid leave system. These measures are intended to boost people's consumption capacity and willingness to spend, promote the upgrading of consumption and industrial structures, and accelerate the building of a strong domestic market.
The meeting also made arrangements for actions to clear overdue payments to enterprises and ensure the issue of wage arrears for migrant workers is properly addressed. The meeting also deliberated and adopted a draft decision of the State Council on revising and abolishing some administrative regulations.
Chinese premier chairs meeting on promoting service consumption
