The contribution rate of new driving forces has exceeded 40%, with import growth significantly higher than exports. The Chinese economy has withstood pressure and delivered an "unexpected" answer
The National Bureau of Statistics released the third quarter report of the Chinese economy on the 19th: In the first three quarters, the national economy withstood pressure and maintained stable operation, maintaining a development trend of new momentum, optimized structure, and improved quality and efficiency, effectively promoting high-quality economic development. Preliminary calculations show that the gross domestic product (GDP) for the first three quarters was 107107.1 billion yuan, a year-on-year increase of 4.6% at constant prices. By quarter, GDP grew by 5.0% year-on-year in the first quarter, 4.3% in the second quarter, and 4.5% in the third quarter. Multiple foreign media outlets, including Reuters, reported that China's GDP growth rate in the third quarter exceeded expectations. Analysts predict that China's full year growth target of 4.5% to 5% is within reach, driven by a strong start at the beginning of the year and recent fiscal and monetary support measures. CNN reported that China has demonstrated its resilience in resisting the impact of US tariff attacks and the Middle East situation. Li Renliang, Vice Dean of the School of Social Development and Management Strategy at the National Institute of Development Management in Thailand, told the Global Times, "The Chinese economy is maintaining a steady and strong development trend, with new driving forces constantly accumulating and growing, and high-quality development solidly advancing in various fields
Real and accelerating industrial upgrading
The British Broadcasting Corporation (BBC) announced on the 19th that China's economic growth "accelerated" in the third quarter. Reuters quoted Mao Shengyong, spokesperson and deputy director of the National Bureau of Statistics of China, as saying that China's GDP growth rate in the third quarter rebounded by 0.2 percentage points compared to the second quarter, which is hard won and precious. He stated that new driving forces represented by high-end manufacturing, digital economy, and modern services continued to contribute over 40% to economic growth in the first three quarters.
Li Renliang stated in an interview with Global Times that new energy vehicles, lithium batteries, and photovoltaic products remain China's main export products and are also symbols of China's industrial upgrading. At the same time, artificial intelligence is rapidly integrating into fields such as manufacturing, logistics, healthcare, agriculture, and public services. The vitality of new driving forces confirms China's innovation capability and industrial ecology, and it is these technological advances that "support the strong resilience and enormous potential of the Chinese economy".
CNN reported that as a key indicator of domestic consumption, the total retail sales of consumer goods in China showed a "significant rebound" in September, with a year-on-year increase of 1.1%, higher than the 0.4% increase in August. Foreign media also paid attention to other indicators of China's economic operation in their reports. The Wall Street Journal reported that China's national urban survey unemployment rate was 5.2% in September, a decrease of 0.1 percentage points from the previous month. Boosted by export growth, the added value of industrial enterprises above designated size increased by 5.5% year-on-year, higher than the 5.2% increase in August. The artificial intelligence boom has provided impetus for China's manufacturing industry, driven by the global demand for chips and technology equipment needed to build data centers and expand computing power.
In the first three quarters, China's total import and export of goods was 39939.99 billion yuan, a year-on-year increase of 18.8%, of which exports increased by 16.4%. Reuters reported that China's exports of various products, from chicken and beauty products to electric vehicles, are showing a growth trend. ITC Markets analyst Andy Ji believes that high-tech manufacturing, chip production, new energy vehicles, and export delivery value reflect China's "competitive, real, and accelerating" industrial upgrading.
In the first three quarters, China's imports of goods increased by 22.3% year-on-year. Since March, China's import growth rate has exceeded 20% for seven consecutive months, and in September, the import scale exceeded 2 trillion yuan for the first time. Researcher Zhou Wei from the Institute of International Trade and Economic Cooperation of the Ministry of Commerce told Global Times reporters that this fully confirms the strong purchasing power of the Chinese market. China continues to promote market opening and has introduced a series of practical measures such as reducing export costs to China and improving trade facilitation. The rapid growth of imports is not a short-term phenomenon that occurred in a single month, but has maintained this trend for several consecutive months, indicating that China's position as a "super buyer" is continuously improving.
US media: China's economy is moving towards achieving full year growth target
Hu Qimu, a professor at the Maritime Silk Road Research Institute of Huaqiao University, told Global Times reporters that China's high-quality development is characterized by unexpected support from foreign trade, optimization of investment structure, and upgrading of consumption structure. Foreign trade has achieved double-digit growth, with "new three types" and high-end equipment manufacturing becoming the main export drivers, and the international competitiveness of new quality productivity is becoming increasingly strong. In terms of investment, the growth rate of investment represented by the manufacturing industry is significantly higher than the overall average; In terms of consumption, the growth rate of new consumption is relatively high, and emerging service industries and Internet consumption have performed well. The new quality productivity represented by the digital economy plays an important role in the "three pillars" of investment, consumption, and exports.
Mao Shengyong stated on the 19th that in the first three quarters, the national economy pushed forward under pressure and moved towards a new and better direction, with more positive changes in key indicators and new achievements in high-quality development. It should also be noted that the international environment is complex and ever-changing, the problem of insufficient domestic demand is still prominent, and the foundation for stable and positive economic growth still needs to be consolidated.
The Associated Press reported that as the end of the year approaches, the Chinese economy is moving towards achieving its annual growth target. I am confident that China will achieve its 2026 GDP growth target, "Li Renliang told Global Times reporters, stating that the fundamentals supporting China's long-term growth have not changed and are continuing to strengthen. China has a huge domestic market, a complete industrial system, a high-quality workforce, and a policy toolbox with ample room for adjustment. China's domestic demand contains enormous potential, while manufacturing and infrastructure investment provide further upward space.
Whenever China releases economic data, international media pays close attention to it, while some Western media also hype up "negative factors" in China's economic development. On the 19th, foreign media such as CNBC website once again highlighted topics such as China's "sluggish real estate market" and "weak domestic demand" in related reports.
Mao Shengyong stated on the 19th that in the first three quarters, the total retail sales of consumer goods and services in China increased by 2.6% year-on-year, especially the service retail sales increased by 5.0%, which is a considerable growth rate. In the first three quarters, consumption contributed nearly 50% to economic growth. When it comes to the real estate market, Mao Shengyong said that it is currently in the stage of controlling increment, reducing stock, and optimizing supply. From indicators such as transactions, inventory, and prices, the real estate market is developing in a positive direction.
Zhou Wei stated that some foreign media outlets have selectively interpreted China's economic data based on a single indicator, deliberately creating market concerns. I believe that the driving force of China's economic growth comes from overall optimization, rather than relying on a single indicator or policy stimulus to bring short-term growth
China will play a greater catalytic role in promoting global common development
'Opportunity' has become a high-frequency term when it comes to the development of the Chinese economy. The Kenyan Capital FM website said on the 18th that China's increasing export strength is not only reflected in the scale of its exported goods, but it is also reshaping the global trade pattern. The scale of China's manufacturing industry helps to reduce the cost of products and technologies needed by developing countries, which means important opportunities for African countries.
Hu Qimu said in an interview with Global Times reporters that China's economic growth plays a stabilizing anchor role for the world and also brings a lot of opportunities for global foreign investment. It is highly irresponsible for some Western countries to spread China's so-called "economic risks" while enjoying the dividends of the Chinese market.
Da Silva, a senior researcher at the Brazilian Institute of Applied Economics, told the Global Times that "looking ahead, we can see that China's efforts to promote high-quality development, technological self-reliance, and green transformation will bring new opportunities for international cooperation. She said that although there are differences in national conditions and development trajectories among countries, China's experience can provide valuable reference for those countries that are committed to helping their own people escape poverty and move towards prosperity. Over the past few decades, China has proven the effectiveness of combining long-term vision with decisive action. In the future, China will play a greater catalytic role in promoting global common development.