China confident of sustaining recovery momentum as economy firms up
China's economic recovery picked up steam in the third quarter and the country is confident of sustaining the current momentum amid the effective control of the novel coronavirus and the government's sweeping efforts to stimulate demand and consumption.
China's economic recovery picked up steam in the third quarter and the country is confident of sustaining the current momentum amid the effective control of the novel coronavirus and the government's sweeping efforts to stimulate demand and consumption.
Gross domestic product (GDP) expanded 4.9 percent year on year in Q3, faster than the 3.2-percent growth seen in Q2, data from the National Bureau of Statistics (NBS) showed Monday.
In the first three quarters, the country's GDP expanded 0.7 percent year on year, returning to growth after the 1.6-percent contraction in the first half of the year and the 6.8-percent slump in Q1, the data showed.
To soften the impact of the COVID-19 shock, the government has rolled out a raft of measures, including more fiscal spending, tax relief, and cuts in lending rates and banks' reserve requirements to stabilize growth and employment.
As the epidemic is largely brought under control domestically, factories and schools have reopened and tourist sites across the country have resumed their usual hustle and bustle.
