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China's third-quarter GDP grows 4.9% year-on-year, misses expectations
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Restaurant workers wear face masks as people walk in the tourist area surrounding Houhai Lake during Chinese National Day holidays in Beijing, China, October 2, 2020. (REUTERS/Thomas Peter)
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hina’s economic recovery disappointed in the third-quarter, growing 4.9 percent from a year earlier and missing analyst expectations, data from the National Bureau of Statistics showed on Monday.
The growth was slower than the 5.2 percent forecast by analysts in a Reuters poll, and followed 3.2 percent growth in the second quarter.
The economy grew 0.7 percent in the first nine months from a year earlier, the data showed.
The world’s second-largest economy has been steadily recovering from decades-low growth seen in the first months of the year caused by the coronavirus shock.
The government has rolled out a raft of measures, including more fiscal spending, tax relief and cuts in lending rates and banks’ reserve requirements to revive the coronavirus-hit economy and support employment.
On a quarter-on-quarter basis, GDP rose 2.7 percent in July-September, the bureau said, compared with expectations for a 3.2 percent rise and an 11.5 percent rise in the previous quarter.
