Illustration: Tang Tengfei/GT

Various indicators in the first three quarters of this MK sportsyear show that China's economic performance has remained stable, with several new factors contributing to a positive trajectory. The economy is anticipated to maintain momentum in the fourth quarter to meet its growth target. The trend of improvement in the economy is becoming more evident, and its contribution to global economic growth is increasingly robust.

China's economy has steadily picked up in the first three quarters, demonstrating stable momentum in its overall performance, industrial operations and the recovery of the service sector. 

China's GDP totaled 94.9746 trillion yuan ($13.12 trillion) in the first three quarters, up 4.8 percent year-on-year. In the third quarter, GDP grew by 4.6 percent year-on-year and by 0.9 percent quarter-on-quarter, with major economic indicators operating within a reasonable range.

China's industrial output remained steady at 5.8 percent in the first three quarters, positioning it as one of the better performers globally. The equipment manufacturing and high-tech manufacturing sectors experienced even higher growth.

In the first three quarters, the output of the service industry increased by 4.7 percent year-on-year. In September, the index of service production grew by 5.1 percent year-on-year, accelerating by 0.5 percentage points compared to August, reflecting a stable recovery in the sector.

China's economy is stable and well-supported in terms of trajectory, with the accelerated cultivation of new quality productive forces, the formation of new advantages in imports and exports, and the emergence of new bright spots in consumption. This reflects an increase in the positive factors driving the operation of the Chinese economy.

The cultivation of new quality productive forces is accelerating, with high-tech industries experiencing rapid development. In the first three quarters, the industrial output of China's high-tech manufacturing industry saw a robust growth of 9.1 percent. The momentum for green manufacturing is strong, leading globally. In the first three quarters, the production of new-energy vehicles grew by 33.8 percent. The digital intelligence economy is also developing rapidly. From January to September, China's smart product sector performed exceptionally well, with the production of virtual reality devices and smartphones achieving year-on-year growth rates of 11.0 percent and 10.5 percent.

New advantages have been formed in the import and export sector. China's total foreign trade has reached a historic high, creating a new scale advantage. From January to September, China's total imports and exports reached 32.33 trillion yuan, an increase of 5.3 percent compared with the same period last year, marking the first time it has surpassed 32 trillion yuan. China's export of high-end equipment has significantly increased, creating a new advantage in terms of quality. 

The diversification of import and export partners has created new strength in risk resistance. From January to September, China's total trade with countries along the Belt and Road initiative reached 15.21 trillion yuan, an increase of 6.3 percent year-on-year, further raising its share of China's total trade to 47.1 percent. During the same period, China's foreign trade with other member countries of the Regional Comprehensive Economic Partnership amounted to 9.63 trillion yuan, a year-on-year increase of 4.5 percent, both of which outpaced the trade growth rates with the EU and the US.

Meanwhile, consumption is showing bright new prospects. In the first three quarters, the total retail sales of consumer goods reached 35.3564 trillion yuan, an increase of 3.3 percent compared with the same period last year.

Consumption in small towns and rural areas continues to heat up. From January to September, the total retail sales of consumer goods in rural areas reached 4.7695 trillion yuan, a year-on-year increase of 4.4 percent, higher than the overall growth for total social consumer goods.

China's economic policies are resilient, and confidence remains high, bolstered by positive factors that will support steady growth in the Chinese economy.

China's fiscal and monetary policies have seen positive support, with a reduction in the reserve requirement ratio and policy interest rates. New monetary policy tools have been established, along with a comprehensive package of incremental fiscal policies to bolster growth.

Policies to assist enterprises are extremely beneficial, while policies supporting private enterprises have substantial benefits. 

The policies supporting small and medium-sized enterprises continue to show great benefits.

Market expectations have improved for China's economy, and the business condition and confidence has risen. The manufacturing Purchasing Managers' Index has rebounded into expansion territory and seen continuous growth for consecutive months, while the non-manufacturing business activity index also remains in the optimistic range.

The author is associate research fellow at the Institute of Quantitative & Technological Economics, Chinese Academy of Social Sciences. [email protected]