[Bloomberg] China's currency, the yuan, and key stock indices trimmed gains following the weaker-than-expected data, with the benchmark Shanghai index trading 0.6 percent higher and the CSI300 index up 0.8 percent after rising as much as 1 percent and 1.2 percent, respectively.
The third-quarter growth figure was allegedly not within the target range, however, it still lands China at the forefront of worldwide economic recovery.
China's economy expanded 0.7 percent year on year in the first three quarters amid effective control of COVID-19 and government's sweeping efforts to stimulate demand and consumption.
Shimamine added: "There is a risk that the return of lockdowns in Europe and another wave of infections in the United States will hurt consumer spending and trigger more job losses, which would be a negative for China's economy".
China showed its first signs of recovery in the previous quarter, when it avoided falling into a recession like most of its peers, and its GDP jumped 3.2 percent.
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The third-quarter expansion is based on the 3.2% growth in the second quarter, which is following a historical contraction of 6.8% in the first three months of a year when authorities blocked the central Chinese city of Wuhan to curb rapid proliferation. virus. But several recent indicators have pointed to a broader upturn in consumption, as well, in the third quarter.
However, there were some bright spots in China's economic picture - retail sales rose by 3.3% in September from a year earlier, well above the 0.5% increase recorded in August. Macquarie Capital Ltd. economists also said in a note that they were not concerned as forecasting is more like "guesswork" in the year of Covid-19.
The official urban surveyed unemployment rate edged lower to 5.4 percent in September.
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"China's economy continued its rapid rebound last quarter, with the recovery broadening out and becoming less reliant on investment-led stimulus". "With policy normalization, the recovery ahead will largely depend on the consumption recovery", the Macquarie economists said.
The Beijing government has tried to boost the economy through an array of measures, including tax cuts, reductions in lending rates and increased fiscal spending.
The IMF said China would be the only major economy to expand this year, as it forecast a global contraction of 4.4 percent.
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In September, auto sales marked a sixth straight month of gains with a solid 12.8 per cent growth. "The unleashing of the potential of China's super-large market not only demonstrates the country's basic strategy of expanding domestic demand, but will also facilitate the recovery of the entire world economy", Liu said.