China's GDP growth rate for the three quarters of 2024 was 4.8%

By Alimat Aliyeva

The growth rate of the Chinese economy in January - September 2024 reached 4.8%, Azernews reports.

As specified in the distributed report, for three quarters China's GDP amounted to 94.97 trillion yuan (about $ 13.32 trillion at the current exchange rate). The agricultural sector grew by 3.4% (5.77 trillion yuan, or $810 billion), industry - by 5.4% (36.13 trillion yuan, or $5.07 trillion), the service sector - by 4.7% (53.07 trillion yuan, or $7.44 trillion).
In July - September, the dynamics of this indicator reached 4.6%. This is 0.1 percentage points lower than in April-June.

The Chinese authorities are trying to find new incentives for successful national development in an unstable situation on international markets. To this end, the Chinese government is constantly expanding the list of incentive measures, in particular, aimed at reviving domestic consumption and reducing financial risks. China continues to act as the world's leading economy, its contribution to global GDP growth is about 30%.

According to the GSU, China's GDP growth rate in 2022 reached 3%, and in 2023 - 5.2% (126.05 trillion yuan, or about $17.7 trillion). The official target for 2024 is set at 5%.