China's GDP growth rate economy for the period January - September 2024 reached 4.8%, the State Statistics Administration (SSA) of the People's Republic of China announced.
For three quarters, China's GDP was 94.97 trillion yuan (about 13.32 trillion USD at the current exchange rate). The agricultural sector grew by 3.4% (5.77 trillion yuan, or 810 billion USD), industry - by 5.4% (36.13 trillion yuan, or 5.07 trillion USD), the service sector - by 4.7% (53.07 trillion yuan, or 7.44 trillion USD).
For July - September, the dynamics of this indicator reached 4.6%. This is 0.1 percentage points less than April - June.
Chinese authorities are trying to find new incentives for the sake of successful national development in an unstable situation in international markets. To this end, the Chinese government is constantly expanding the list of stimulus measures, particularly aimed at reviving domestic consumption and reducing financial risks. China continues to be the world's leading economy, contributing about 30% to global GDP growth.
According to the National Bureau of Statistics, China's GDP growth rate in 2022 has reached 3%, and in 2023 - 5.2% (126.05 trillion yuan, or about 17.7 trillion. USD). The official target for 2024 is set at 5%.