The latest figures from China show that the country’s economy grew by 4.9% between July and September.
This is the second consecutive quarter of growth, lower than 5.2% analyst expectations, while the figure suggests an economic recovery from the pandemic.
In the first three months of the year, the Chinese economy fell 6.8% when the country closed its factories and manufacturing plants.
“We are pleased to announce that we are committed to providing a range of services to our customers,” said Michael Hewson, chief market analyst at CMC Markets UK. “Europe appears to be fighting a slower economy, and a second wave could surge, but the Chinese economy appears to be gaining traction after months of consumer spending.
“This outperformance raised expectations that retail sales in September will eventually begin to show signs of life after months of weak reading.
“China’s consumer performance hasn’t been the same since the country left lockdown at the end of February, but summer optimism has started to improve as a result of positive data from the automotive sector, along with reports like Daimler, along with Apple’s reporting talking about decent rebounds in the Chinese market,” added Hewson.
Compared to the same period a year ago, the industrial sector increased by 5.8%, the services sector increased by 4.3%, and the Retil sector increased by 0.9%.
Liu aihua, a spokesman for China’s National Bureau of Statistics, commented: Recovery is underway. ”
China’s Shanghai composites rose shortly before the announcement, but then fell 0.3%.
