The Chinese economy maintained a recovery momentum in the first three quarters of 2021 with major indicators staying within a reasonable range, while the overall social situation was stable, National Bureau of Statistics spokesman Fu Linghui said today. The country’s GDP grew by 9.8% yoy in the first nine months of the year, bringing the average growth for the period in the past two years at 5.2%. During the period, retail sales jumped 16.4% yoy, industrial output grew 11.8%, and fixed-asset investment rose 7.3%.
Meanwhile, final consumption accounted for 64.8% of January to September GDP, capital formation represented for 15.6% and net exports 19.5%. “However, we must note that the current uncertainties in the international environment are mounting and the domestic economic recovery is still unstable and uneven, Fu added. In Q3 alone, the economy grew 4.9% yoy, the least in a year, amid energy crisis, supply bottlenecks, surging raw material costs, and a property slump.