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Economics

China’s Economy Plows On as World’s Only Major Growth Engine

  • Third quarter GDP growth missed estimate; retail sales pick up
  • Industrial production and investment growth accelerated
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China's Key Policy Rate to Remain Unchanged This Year: BofA
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China’s recovery from the coronavirus slump continued in the third quarter and showed signs of broadening in September, keeping the economy on track to be the world’s only major growth engine and validating Beijing’s aggressive approach to controlling the pandemic.

Gross domestic product expanded 4.9% in the third quarter from a year ago, missing economists’ forecast for a 5.5% expansion. Both retail sales and industrial production gained momentum in September, reassuring markets that the recovery is intact.