China's national economy maintains stable with progress in first three quarters: authorities

China's national economy was generally stable with steady progress in the first three quarters of this year, and the positive factors driving the economic recovery increased, said an official of the National Bureau of Statistics (NBS) on Friday.

Sheng Laiyun, deputy director of the NBS, made the statement in briefing on the operation of China's national economy in the first nine months of 2024 at a press conference held by the State Council Information Office in Beijing.

China's GDP in the first three quarters totaled nearly 94.975 trillion yuan (about 13.3 trillion U.S. dollars), up 4.8 percent year on year at constant prices, Sheng announced.

"In the first three quarters, the national economy was generally stable and made progress. Production and demand grew steadily. Employment and commodity prices maintained generally stable. People's livelihood was effectively guaranteed. New quality productive forces developed steadily, and high-quality development was steadily promoted. In September, most production and demand indicators improved, market expectations improved, and the positive factors driving the economic recovery accumulated and increased," Sheng told the press conference.

Sheng said major economic data achieved growth from different perspectives.

"Divided by industries, the added value of the primary industry grew by 3.4 percent year on year, that of the secondary industry was up 5.4 percent, and the added value of the tertiary industries increased by 4.7 percent year on year. By quarter, the GDP for the first quarter grew by 5.3 percent year on year, up by 4.7 percent for the second quarter and up by 4.6 percent for the third quarter. The GDP for the third quarter grew by 0.9 percent quarter on quarter," he said.

Sheng noted the economic recovery is still facing challenges due to the complicated external environment.

"Generally, policy effects have kept emerging, and major economic indicators have recently showed positive changes. At the same time, we must also see that the external environment has become more complex and severe, and the foundation for economic recovery still needs to be consolidated," he said.

China's national economy maintains stable with progress in first three quarters: authorities

China's major state-owned commercial banks on Friday announced reductions in deposit interest rates in a move to encourage more spending in the economy.

The one-year fixed-term deposit interest rate was cut by 25 basis points to 1.1 percent for the Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Agricultural Bank of China and Bank of Communications.

After the reductions, the deposit interest rates with terms of 2, 3 and 5 years are 1.2 percent, 1.5 percent and 1.55 percent, respectively.

This was the second deposit interest rate cut for state-owned big banks in 2024, with previous cut implemented in July.

China's central bank announced a raft of monetary stimulus at a press conference last month, calling for efforts to create a sound monetary and financial environment for stable economic growth and high-quality development.

China's major banks lower deposit interest rates