China's economic recovery quickens

China's Q3 GDP grows 4.9% y-o-y, misses expectations

China’s GDP Grew Nearly 5 Percent in Third Quarter of 2020, Statistics Bureau Reports

The nation's gross domestic product in the first three quarters reached 72.28 trillion yuan (US$10.8 trillion), an increase of 0.7 percent from the same period a year ago, according to the National Bureau of Statistics onon Monday.

China's third-quarter (Q3) economic growth has cheered up overseas professionals and observers, who believe that the country's growth is picking up steam and will inspire more confidence in the global economic recovery.

September's industrial output was up 6.9pc year on year, with retail sales up 3.3pc and exports up 10pc.

Capital Economics analysts told Reuters, "as China quickly contained the new coronavirus pneumonia and launched effective economic stimulus measures, China has become the first major economy to return to growth before the virus outbreak".

Chinese citizens' disposable income also increased in the third quarter for the first time this year, rising 0.6 percent from a year earlier, according to the Wall Street Journal.

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The growth of China's economy is positive for the world economy, and could particularly benefit commodity exporters and countries that are connected to the Chinese economy through global value chains.

The robust numbers from China, which consumes more industrial metals than the rest of the world combined, also lifted nickel prices, which hit $15,815 a tonne in London, the highest since November 2019.

China remains the Philippines' top export market with nearly 27 percent of its total exports shipped to the world's second-largest economy, the Philippines' Department of Trade and Industry (DTI) said in July.

"For the entire year, we project our economy to contract by about 6 percent", Dominguez said during a virtual Economic Forum yesterday. The second quarter then started to recover, with a 3.2 percent rebound, while GDP for the July-September period grew by 4.9 percent.

"China built its quick recovery via stringent lockdowns, massive testing, population tracking and fiscal stimulus", Nomura chief China economist Lu Ting said.

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Wall Street closed out a choppy week of trading with more of the same Friday, as a late-afternoon stumble led USA stock indexes to a mixed finish.

Meanwhile, the urban unemployment rate dipped further to 5.4% in September, although fixed-asset investment growth turned positive for the first time in 2020.

While the central bank stepped up policy support, it has more recently held off on further easing.

However, this situation changed in the third quarter.

Premier Li Keqiang warned earlier in October that China needs to make arduous efforts to achieve its full-year economic goals, citing a complex domestic and foreign environment.

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In the travel sector, domestic passenger flights in September beat their Covid-19 levels, a sign that that segment of the market is approaching a full recovery, even as worldwide borders remain largely shut.

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