China's Q3 GDP Up 4.8% Year-on-Year... Falls Short of '5%' Target

On October 20, China's National Bureau of Statistics announced that the country's gross domestic product (GDP) grew by 4.8% in the third quarter compared to the same period last year.

This figure represents a significant decrease from the previous quarter's 5.2%, but slightly exceeds the 4.7% forecast by analysts surveyed by Bloomberg. It matches the projection compiled by Reuters.

Zhou Shan Port, Zhejiang Province, China. Reuters Yonhap News

The Chinese authorities have set an annual GDP growth target of "around 5%." China's growth rate was 5.4% in the fourth quarter of last year, and 5.4% and 5.2% in the first and second quarters of this year, respectively, maintaining the 5% range for three consecutive quarters before dropping back into the 4% range.

The cumulative growth rate for the first to third quarters of this year stands at 5.2%.

In September, retail sales (consumption) and industrial production increased by 3.0% and 6.5%, respectively, compared to the same period last year.