China's economy grows 4.6% in the first three quarters as quarterly growth accelerates and goods trade with 169 countries and regions rises 18.8%

China’s economy grew 4.6 percent year on year in the first three quarters, with growth picking up to 4.5 percent in the third quarter from 4.3 percent in the second, official data released Monday showed. The National Bureau of Statistics said output increased by 5.7 trillion yuan in the January-September period, the largest rise for that period in five years. It described the economy as maintaining steady growth under pressure while shifting toward new growth drivers.

Rhys Roberts, national president and chair of the Australia China Business Council, told Xinhua the figures showed the economy’s resilience and gave confidence that China could meet its full-year growth target of 4.5 to 5 percent. Rodrigo Valdes, director of the International Monetary Fund’s Fiscal Affairs Department, said China was less vulnerable than comparable countries because of its substantial assets, relatively low interest rates and high savings rate. Modern services, the digital economy and high-end manufacturing have become primary growth engines, reflecting structural optimization and a transition toward what the source described as new quality productive forces. International observers also pointed to China’s resilience, innovation-driven development and continued opening up as factors helping it navigate external uncertainty while creating global economic opportunities.

China’s goods trade with 169 countries and regions rose 18.8 percent year on year to 39.94 trillion yuan in the first three quarters. Trade with Belt and Road partner countries reached 20.37 trillion yuan, an increase of 17.1 percent. Thomas Helbling, deputy director of the IMF’s Asia and Pacific Department, said China was working to uphold a multilateral, rules-based trading system.

U.S. political-economic analyst Lawrence Freeman said China’s cooperation through the Belt and Road Initiative had played an “invaluable role” in attracting essential infrastructure investment across the developing world and supporting the growth of the Global South.