China's economic landscape is showing robust growth in the first three quarters of 2024, according to data released by the State Council Information Office (SCIO). Deputy Commissioner of the National Bureau of Statistics, Sheng Laiyun, highlighted several key areas driving this positive trend during a recent press conference.
One of the standout metrics is the GDP growth, which has reached an impressive 6.5% year-over-year, surpassing analysts' expectations. This growth is largely fueled by a surge in industrial production and a steady rise in consumer spending, indicating strong domestic demand.
Industrial output has increased by 8%, reflecting significant advancements in manufacturing and technology sectors. Sheng Laiyun emphasized the role of innovation and sustainable practices in maintaining this upward trajectory.
Consumer spending has also seen a healthy boost, rising by 7% compared to the previous year. This uptick is attributed to increased disposable income and a growing middle class eager to invest in both local and international products.
Despite these positive indicators, Sheng Laiyun acknowledged challenges such as global economic uncertainties and supply chain disruptions. However, the SCIO remains optimistic, citing strategic initiatives aimed at fostering economic resilience and long-term sustainability.
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Reference(s):
Live: China's economic performance of the first three quarters of 2024
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