China's economy grows 4.6% in Q3, keeping stimulus calls alive
China's Q3 GDP grows 4.6% Y/Y, beats f'cast
China's Q3 GDP expanded 0.9% Q/Q
China's economy likely to expand 4.8% in 2024, poll
Authorities ramp up stimulus to meet 2024 target
By Kevin Yao
BEIJING, Oct 18 (Reuters) -China's economy grew slightly quicker than expected in the third quarter, but a prolonged property downturn and weak consumption remain a drag on activity, maintaining pressure on policymakers as they consider more stimulus steps to revitalise growth.
Data released on Friday showedthe world's second-largest economy grew 4.6%year-on-year in July-September, beating a 4.5% forecast in a Reuters poll but slowing from 4.7% in the second quarter.
Other data also released on the day, including industrial output and retail sales for September, beat expectations in an encouraging sign for policymakers. The property sector though continued to show sharp weakness and back markets' calls for more support steps.
The latest figures come as theauthorities have started to sharply increase stimulus measures in an effort to ensure the economy meets the government's 2024 growth target of around 5%.
A Reuters poll showed China's economy is likely to expand 4.8% in 2024, undershooting Beijing's target, and growth could cool further to 4.5% in 2025.
China's economy has stuttered through uneven growth this year, with industrial production outstripping domestic consumption, fanning deflationary risks amid the property downturn and mounting local government debt.
Policymakers, who have traditionally leaned on infrastructure and manufacturing investment to drive growth, have pledged to shift focus towards stimulating consumption, but markets are awaiting further details of a planned fiscal stimulus package.
On a quarterly basis, the economy expanded 0.9% in the third quarter, compared with 0.7% growth in April-June.
Recent data raised the risk of China sliding into an entrenched phase of deflationary pressures as prospects for exports, the economy's lone bright spot this year, look to be dimming amid foreign trade curbs.
China's export growth slowed sharply in September while imports also decelerated, undershooting forecasts by big margins and suggesting manufacturers are slashing prices to move inventory ahead of tariffs from several trade partners.
China's consumer inflation unexpectedly eased in September, while producer price deflation deepened, heightening pressures on Beijing to take steps to spur demand as exports lose steam.
Last week, China's finance minister pledged to "significantly increase" debt to revive growth, but left investors guessing on the overall size of the stimulus package.
China may raise an additional 6 trillion yuan ($842.60 billion) from special treasury bonds over three years to help bolster the sagging economy through expanded fiscal stimulus, Caixin Global reported, citing multiple sources with knowledge of the matter.
Reuters reported last month that China plans to issue special sovereign bonds worth about 2 trillion yuan this year as part of fresh fiscal stimulus.
The central bank in late September announced the most aggressive monetary support measures since the COVID-19 pandemic, including interest rate cuts, a 1 trillion yuan liquidity injection and other steps to support the property and stock markets.
Analysts polled by Reuters expect a 20-basis points cut in China's one-year loan prime rate, the benchmark lending rate, as well as a 25-basis points cut in banks' reserve requirement ratio in the fourth quarter.
($1 = 7.1208 Chinese yuan renminbi)
Reporting by Kevin Yao
Editing by Shri Navaratnam
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
