Thu. Oct 22nd, 2020

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China’s economy gained 4.9% in the third quarter

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China’s economy recovered further from the coronavirus in the third quarter, according to data released Monday by the National Bureau of Statistics.

The world’s second-largest economy reported third-quarter GDP growth on the low end of expectations, up 4.9% from a year ago. That brings growth for the first three quarters of the year to 0.7% from a year ago.

Chinese economists expected GDP growth of 5.2% in the third quarter, according to an average of estimates compiled by Wind Information, a financial information database.
Retail sales rose 3.3% in September, for a 0.9% increase in the third quarter. For the first nine months of the year, retail sales contracted 7.2%.

Fixed asset investment rose 0.8% in the first three quarters of the year.

The official urban surveyed unemployment rate edged lower in September to 5.4%.

Industrial production rose 6.9% in September from a year ago, bringing total growth for the first nine months of the year to 1.2%.

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