China’s Economy Grows 4.8% in Q3, Paving Way for 5% Yearly Goal

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China’s gross domestic product increased by 4.8 percent year-over-year in the third quarter, reaching 35.5 trillion yuan (approximately $5 trillion). This steady growth indicates progress toward the government’s overall goal of 5 percent annual expansion, despite facing increasing domestic and global challenges.

The quarterly growth slowed slightly by 0.4 percentage points compared to the previous quarter, mainly due to a complex international environment and considerable pressure from domestic structural reforms, according to a spokesperson from the National Bureau of Statistics during a recent press briefing.

Even with these obstacles, the economy has continued to move forward steadily. In the first three quarters, GDP grew by 5.2 percent, which is 0.4 percentage points higher than the same period last year. This robust performance provides a solid foundation for reaching the full-year growth target of around 5 percent.

The spokesperson also highlighted that some countries’ tariffs have disrupted the global trade order, with increasing unilateral actions and protectionist policies adding instability and uncertainty to global economic growth. Meanwhile, China is in a critical phase of structural transformation, with slower growth in certain sectors contributing to overall deceleration.

Key September indicators were also released: the value added by large industrial enterprises increased by 6.5 percent year-over-year — 1.3 percentage points higher than in August — with cumulative growth over the first nine months reaching 6.2 percent. Retail sales of consumer goods expanded by 3 percent in September, reaching 4.2 trillion yuan (about $589.5 billion), which was a slight decrease of 0.4 percentage points from August. The total growth for retail sales over the first three quarters reached 4.5 percent.

Fixed-asset investment for the first nine months declined by 0.5 percent year-over-year, accounting for 37.2 trillion yuan (roughly $5.2 trillion), mainly due to a slowdown in real estate development investment. Excluding real estate, the growth rate was 3 percent.

During this period, per capita disposable income rose by 5.1 percent to 32,509 yuan (approximately $4,563), or 5.2 percent after adjusting for inflation. The average urban unemployment rate was 5.2 percent, a slight increase of 0.1 percentage points from the previous year.