Q3 data reveals China's economic recovery gathering steam

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Q3 data reveals China's economic recovery gathering steam

STORY: Q3 data reveals China's economic recovery gathering steam DATELINE: Oct. 18, 2023 LENGTH: 0:01:17 LOCATION: Beijing CATEGORY: ECONOMY SHOTLIST: 1. various of different industries in China STORYLINE: The Chinese economy has sustained its recovery momentum with solid progress made in high-quality development in both the third quarter (Q3) and the first three quarters of this year, official data showed Wednesday. China's gross domestic product (GDP) expanded 4.9 percent in Q3 year on year. It grew 5.2 percent year on year in the first three quarters of 2023, according to the National Bureau of Statistics (NBS). An array of other data released Wednesday underscored the gathering of steam by the world's second-largest economy, despite lingering global and domestic headwinds, consolidating the country's confidence in being able to meet its annual GDP growth target of around 5 percent. Consumption, a mainstay of the Chinese economy, has seen a steady expansion with an 83.2-percent contribution to GDP gr

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