Growing With Resilience

By Li Xiaoyang

Despite a number of challenges， including power shortages， the resurgence of COVID-19 cases， floods and rising prices of bulk commodities， China saw higher-than-expected economic growth in the first three quarters of 2021， with improving employment and enhancement of peoples wellbeing， the National Bureau of Statistics（NBS） announced on October 18.

According to NBS data， GDP reached 82.31 trillion yuan （$12.8 trillion） in the January-September period， up 9.8 percent year on year. The figure is above the annual growth target of over 6 percent. In the third quarter （Q3）， the economy expanded 4.9 percent， down from 18.3 percent and 7.9 percent in the first and second quarters， respectively.

Though the economic growth over the first three quarters slowed down in comparison with that in the first half （H1） of this year， the two-year average change remained positive. The Chinese economy still shows strong resilience， with the growth of major indicators such as foreign trade and industrial output remaining sound， according to NBS spokesperson Fu Linghui.

In Q3， floods and a COVID-19 resurgence in some regions added to the pressure already on agricultural and industrial production. Rising international energy prices and tight domestic coal supplies also led to further power outages in parts of the country and affected economic activities. In response， Fu said the government has stepped up efforts to address these challenges to ensure supplies and boost economic growth.

“Since uncertainties remain in the external market and the Chinese economy has not yet fully returned to its pre-epidemic level， further efforts are needed to ensure stable growth and drive economic recovery in order for China to achieve its whole-year growth targets，” he said.

Valuable highlights

The agricultural sector maintained a steady growth and continued its industrial restructuring in the first three quarters of the year despite being affected by natural disasters. The value-added industrial output went up 11.8 percent year on year， with the average JanuarySeptember growth for the past two years standing at 6.4 percent.

The output of the manufacturing industry rose 12.5 percent year on year in the same period， with that of the hi-tech manufacturing sector improving 20.1 percent. The production of new-energy cars， industrial robots and integrated circuits all showed expansion.

The nations efforts to drive high-quality and green development have been paying off. According to a report released by the World Intellectual Property Organization （WIPO） in September， China is still the only middle-income economy on the list of the worlds top 30 most innovative economies. WIPOs Global Innovation Index （GII） 2021 shows that China， ranking 14th last year， rose to 12th place this year.