According to data from the National Bureau of Statistics, China’s GDP grew by 4.8% year-on-year in the first three quarters, a result that many market observers believe exceeded expectations. Despite facing significant challenges, the Chinese economy has delivered a commendable performance, laying a solid foundation for achieving annual economic and social development targets. From the third quarter data, we can discern China’s unwavering commitment to high-quality economic and social development.
What do you think drives this determination amid adversity? Currently, China is pursuing development in an increasingly complex and severe environment. The international landscape is marked by rising complexities, geopolitical conflicts, and frequent international trade frictions, all while we are also dealing with the pains of domestic economic restructuring. The challenges facing our economy are substantial. In response to the new situations and issues that have arisen this year, the Central Committee has maintained strategic resolve and made decisive, scientifically-informed decisions. Recently, it introduced a series of targeted policies designed to enhance macroeconomic regulation, expand effective domestic demand, bolster support for businesses, stabilize the real estate market, and uplift capital markets. This comprehensive approach showcases a strong commitment to invigorating the economy.
How do you perceive the collective effort toward maintaining stability and progress? Achieving results requires a systematic approach. As existing and new policies come together and yield effects, the economic operation in the first three quarters has remained overall stable. We have experienced nine consecutive quarters of positive growth, and many production and demand indicators showed improvement in September. As positive factors accumulate, confidence among various sectors in achieving the annual target of around 5% growth has strengthened. The overall tone of stability in the Chinese economy remains unchanged, and a rebound in the fourth quarter appears likely. Furthermore, the trend of progress continues, with the acceleration of new productive forces and ongoing advancements in high-end, intelligent, and green manufacturing.
Despite these improvements, the issue of insufficient domestic effective demand persists. Some industries are still facing operational difficulties, significant risks remain in key sectors, and there are still gaps in ensuring public welfare. How should we confront these challenges? While we must acknowledge these difficulties, we should also nurture our confidence. This confidence stems from solid foundational work in the past, proactive efforts in the present, and supportive signs for the future. The fundamentals of the Chinese economy, including a broad market base, strong resilience, and vast potential, have not changed. We continue to reinforce our institutional, market, industrial, and human resource advantages. Our macroeconomic policy tools remain rich and effective, and there is ongoing room to implement these policies, providing robust support for stable economic operations.
Looking to the fourth quarter, which holds significant weight for the entire year, what steps are essential to achieving our goals? While the foundation for economic recovery is still shaky and with only a little over two months until year-end, we must prioritize actionable efforts. It’s crucial to identify and address bottlenecks in policy implementation, accelerate the release of policy dividends, enhance business vitality, stabilize market expectations, and bolster public confidence. We must ensure that we safeguard and improve people’s livelihoods while fully committing to a successful conclusion of economic efforts in the fourth quarter.
