China, October 19: China economy grew 4.9 percent year-on-year in Q3 of 2020. The growth was slower than the 5.2 percent forecast by analysts in a Reuters poll and followed a 3.2 percent growth in the second quarter. On a quarter-on-quarter basis, GDP rose 2.7 percent in July-September, the bureau said, compared with expectations for a 3.2 percent rise and an 11.5 percent rise in the previous quarter.
China has been steadily recovering from decades-low growth seen in the first months of the year caused by the coronavirus shock. World Bank Warns China Growth Could Screech to a Halt.
China's Economy Grows by 4.9% in Q3:
— AFP news agency (@AFP) October 19, 2020
According to a Reuters report, the government has rolled out a raft of measures, including more fiscal spending, tax relief and cuts in lending rates and banks' reserve requirements to revive the coronavirus-hit economy and support employment.
Retail sales rose 3.3 percent in September, for a 0.9 percent increase in the third quarter. For the first nine months of the year, retail sales contracted 7.2%.