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
Duty-free sales in China's Hainan Free Trade Port (FTP) reached 161 million yuan (about 22.8 million U.S. dollars) on Thursday, the first day of island-wide special customs operations, according to official statistics released Friday by Haikou Customs.
Nearly 24,800 shoppers purchased about 118,000 items on the day, up 53 percent and 25 percent year on year, respectively, the data showed.
At the Haikou International Duty-Free Shopping Complex, significant discounts drew large numbers of customers.
"We were curious about the changes after the island-wide special customs operations were implemented, so we came to have a look," said a customer.
"Foot traffic is up at least three to four times compared with usual levels, and new products are selling very well," said Xu Xueli, a salesperson at the Haikou CDF Mall.
The Haikou Global Premium Duty Free Plaza was also bustling with customers engaging in interactive games and promotional activities.
"The performances are fantastic, and the discounts are very generous. I came after the island-wide special customs operations began to buy some duty-free items. I've had my eyes on, and I'm really happy," said another customer.
"By integrating cultural experiences and duty-free shopping, we aim to better incorporate Dongpo culture into the consumer experience," said Chen Haidan, sales manager in the operations management department of the Haikou Global Duty-Free Plaza.
Su Dongpo was a prominent poet and cultural figure of China's Song Dynasty (960–1279), celebrated for his literary legacy and culinary skills.
The island-wide special customs operations took effect Thursday in the Hainan Free Trade Port, the world's largest free trade port by area, allowing freer entry of overseas goods, expanded zero-tariff coverage and more business-friendly measures.
Hainan records 161 mln yuan in duty-free sales on first day of special customs operations
