GDP Grows 4.6% Year on Year in the First Three Quarters as High-Quality Development Makes New Progress

Preliminary calculations put GDP for the first three quarters at 107.1071 trillion yuan, up 4.6% year on year, with an increase of 5.7 trillion yuan, the largest for the same period in the past five years.

Preliminary calculations put gross domestic product in the first three quarters at 107.1071 trillion yuan, an increase of 4.6% year on year at constant prices, in line with the expected economic growth target for the full year. In terms of the increase in output, the economy expanded by 5.7 trillion yuan in the first three quarters, the largest increase for the same period in the past five years.

In the third quarter, value added of industrial enterprises above the designated size grew 5.1% year on year, accelerating by 0.4 percentage points from the second quarter.

Agricultural production was in good shape in the first three quarters, and another bumper grain harvest is expected for the full year. In the third quarter, the value added of industrial enterprises above the designated size grew 5.1% year on year, 0.4 percentage points faster than in the second quarter. Meanwhile, indicators including services, consumption, and imports and exports also performed better in September than in August, continuing to demonstrate the resilience of China's economic development.

Investment in intellectual property products grew rapidly, with its share of total investment rising by 2.4 percentage points year on year.

China's economic structure improved in the first three quarters. Manufacturing value added accounted for 25.7% of GDP, up 0.6 percentage points from the same period last year, further consolidating the foundations of the real economy. Producer services developed more rapidly and became increasingly integrated with advanced manufacturing, strongly supporting manufacturing's transformation and upgrading. Investment in intellectual property products maintained relatively rapid growth in the first three quarters, with its share of total investment increasing by 2.4 percentage points from the same period last year. Domestic demand played the leading role in driving growth in the first three quarters, contributing more than 70% to economic growth. Final consumption expenditure contributed nearly 50%, effectively fulfilling consumption's fundamental role in economic growth.

The State Council Information Office held a press conference on October 19, at which the National Bureau of Statistics released economic data for the first three quarters.

CCTV.com (Xinwen Lianbo): The State Council Information Office held a press conference today, October 19. Data released by the National Bureau of Statistics showed that the economy remained generally stable in the first three quarters, maintaining a development trajectory featuring newer growth drivers, an improved structure, and better quality and efficiency, giving strong impetus to high-quality economic development.

Preliminary estimates indicate that new growth drivers continued to contribute more than 40% of economic growth, while the transformation and upgrading of traditional industries progressed.

China's economic growth drivers became increasingly innovation-led in the first three quarters. A succession of innovative achievements emerged and were applied in key fields, providing solid scientific and technological support for industrial transformation and upgrading. In the first three quarters, value-added growth in equipment manufacturing and high-tech manufacturing exceeded that of all industrial enterprises above the designated size by 4.9 and 9.0 percentage points, respectively. Preliminary estimates show that new growth drivers represented by high-end manufacturing, the digital and intelligent economy, modern services, and other sectors continued to contribute 40% or more to economic growth in the first three quarters, with the "baton" of economic growth passing further to these new drivers. At the same time, the transformation and upgrading of traditional industries advanced vigorously.

Domestic demand contributed more than 70% of economic growth in the first three quarters, with final consumption expenditure contributing nearly 50%.

China's economic structure improved in the first three quarters. Manufacturing value added accounted for 25.7% of GDP, up 0.6 percentage points from the same period last year, further consolidating the foundations of the real economy. Producer services developed more rapidly and became increasingly integrated with advanced manufacturing, strongly supporting manufacturing's transformation and upgrading. Investment in intellectual property products maintained relatively rapid growth in the first three quarters, with its share of total investment increasing by 2.4 percentage points from the same period last year. Domestic demand played the leading role in driving growth in the first three quarters, contributing more than 70% to economic growth. Final consumption expenditure contributed nearly 50%, effectively fulfilling consumption's fundamental role in economic growth.

Innovations in key fields emerged and were put into application in rapid succession, supporting industrial transformation and upgrading.

China's economic growth drivers became increasingly innovation-led in the first three quarters. A succession of innovative achievements emerged and were applied in key fields, providing solid scientific and technological support for industrial transformation and upgrading. In the first three quarters, value-added growth in equipment manufacturing and high-tech manufacturing exceeded that of all industrial enterprises above the designated size by 4.9 and 9.0 percentage points, respectively. Preliminary estimates show that new growth drivers represented by high-end manufacturing, the digital and intelligent economy, modern services, and other sectors continued to contribute 40% or more to economic growth in the first three quarters, with the "baton" of economic growth passing further to these new drivers. At the same time, the transformation and upgrading of traditional industries advanced vigorously.

Manufacturing value added accounted for 25.7% of GDP in the first three quarters, up 0.6 percentage points year on year.

China's economic structure improved in the first three quarters. Manufacturing value added accounted for 25.7% of GDP, up 0.6 percentage points from the same period last year, further consolidating the foundations of the real economy. Producer services developed more rapidly and became increasingly integrated with advanced manufacturing, strongly supporting manufacturing's transformation and upgrading. Investment in intellectual property products maintained relatively rapid growth in the first three quarters, with its share of total investment increasing by 2.4 percentage points from the same period last year. Domestic demand played the leading role in driving growth in the first three quarters, contributing more than 70% to economic growth. Final consumption expenditure contributed nearly 50%, effectively fulfilling consumption's fundamental role in economic growth.

Agricultural production performed well in the first three quarters, and a bumper grain harvest is expected for the year.

Agricultural production was in good shape in the first three quarters, and another bumper grain harvest is expected for the full year. In the third quarter, the value added of industrial enterprises above the designated size grew 5.1% year on year, 0.4 percentage points faster than in the second quarter. Meanwhile, indicators including services, consumption, and imports and exports also performed better in September than in August, continuing to demonstrate the resilience of China's economic development.

Indicators including services, consumption, and imports and exports performed better in September than in August.

Agricultural production was in good shape in the first three quarters, and another bumper grain harvest is expected for the full year. In the third quarter, the value added of industrial enterprises above the designated size grew 5.1% year on year, 0.4 percentage points faster than in the second quarter. Meanwhile, indicators including services, consumption, and imports and exports also performed better in September than in August, continuing to demonstrate the resilience of China's economic development.

Producer services are developing faster and becoming more deeply integrated with advanced manufacturing, supporting manufacturing transformation and upgrading.

China's economic structure improved in the first three quarters. Manufacturing value added accounted for 25.7% of GDP, up 0.6 percentage points from the same period last year, further consolidating the foundations of the real economy. Producer services developed more rapidly and became increasingly integrated with advanced manufacturing, strongly supporting manufacturing's transformation and upgrading. Investment in intellectual property products maintained relatively rapid growth in the first three quarters, with its share of total investment increasing by 2.4 percentage points from the same period last year. Domestic demand played the leading role in driving growth in the first three quarters, contributing more than 70% to economic growth. Final consumption expenditure contributed nearly 50%, effectively fulfilling consumption's fundamental role in economic growth.

Value-added growth in equipment manufacturing and high-tech manufacturing exceeded that of all industrial enterprises above the designated size by 4.9 and 9.0 percentage points, respectively.

China's economic growth drivers became increasingly innovation-led in the first three quarters. A succession of innovative achievements emerged and were applied in key fields, providing solid scientific and technological support for industrial transformation and upgrading. In the first three quarters, value-added growth in equipment manufacturing and high-tech manufacturing exceeded that of all industrial enterprises above the designated size by 4.9 and 9.0 percentage points, respectively. Preliminary estimates show that new growth drivers represented by high-end manufacturing, the digital and intelligent economy, modern services, and other sectors continued to contribute 40% or more to economic growth in the first three quarters, with the "baton" of economic growth passing further to these new drivers. At the same time, the transformation and upgrading of traditional industries advanced vigorously.