China accelerates its growth. The GDP of the Asian giant increased 1.3% in the third quarter compared to the previous one, when the increase was 0.5%, the National Statistics Office (ONE) reported this Wednesday. The figure is above what analysts expected (1% according to Reuters) thanks to more dynamic consumption and industrial activity than expected, driven by Beijing's stimulus measures in previous months, such as rate cuts.
"It seems that all the stimuli are finally starting to take effect, with a broad rebound in growth, retail sales, industrial production and unemployment," said Matt Simpson, market analyst at City Index. A rebound in tourism at the end of September due to the national holiday on October 1 has also contributed.
If the growth is compared with the same quarter of the previous year, the rebound is 4.9%, below the 6.3% that occurred in the second quarter but again more than expected.
The possible crisis in real estate, a sector that accounts for a quarter of production, continues to pose a risk to the outlook. Real estate investment falls 9.1% until September, three tenths more than in August. Despite the setbacks of giants such as Evergrande or Country Garden and the tensions with the US in trade and technology, there is confidence in reaching 5% annual growth, a goal that the Government set for 2023. Last year It grew by 3%, far from the 5.5% set, due to the impact of anticovid measures.
"The economy has clearly turned a corner thanks to political support. And we anticipate a further recovery in the coming quarters," said Julian Evans-Pritchard, senior China economist at consultancy Capital Economics. It is reflected in another series of data known today: in September industrial production remained at 4.5%, more than expected, and retail sales rose 5.5%, nine tenths more than in August. Investment in fixed assets limps a little more and rebounds by 3.1% until September, below the expected 3.2%, the same figure as was expected. In the private sector it actually falls, 0.6%.
With today's data, the growth of the second quarter has also been revised downwards, from the 0.8% initially announced to the final 0.5%.
