Monday's third-quarter growth further demonstrated China's relative strength and moved the Chinese economy to the positive zone in the first nine months of the year, an increase of 0.7% year over year. Industrial output grew 6.9 percent after a 5.6 percent rise in August, showing the factory sector's recovery was also sustaining momentum.
The NBS reported that industrial production rose 5.8% in July-September over the same quarter previous year, a marked improvement over the first half's 1.3% contraction.
Besides third quarter GDP data, statistical information released included industrial added value in September, investment growth in national assets, and total retail sales of consumer goods.
"The unleashing of the potential of China's super-large market not only demonstrates the country's basic strategy of expanding domestic demand, but will also facilitate the recovery of the entire world economy", Liu said.
China's communist leadership has hailed its handling of the virus, giving experimental vaccines to hundreds of thousands of people as it seeks to reframe the pandemic's origin story.
The National Bureau of Statistics says the economy grew 4.9 percent in the July-September period compared to a year ago. GDP expansion accelerated to 4.9% during Q3, up from 0.7% in the quarter to end-June. But its growth still remains below pre-pandemic levels.
The economy "continued the steady recovery", the National Bureau of Statistics said in a report.
But "China is not absolutely free from the risk of a second wave of Covid-19, pent-up demand will likely lose some steam. and rising US-China tensions could dent China's exports and manufacturing investment", Lu said.
"While many traditional industries were hit badly by the COVID-19 epidemic, new types of business like online shopping, livestreaming in e-commerce, online health and online education are holding up better, contributing strongly to the economic growth and employment stability", said Pan. In September, the number of urban rail vehicles and smartwatches jumped by more than 50 percent and 70 percent respectively on a yearly basis, NBS data showed. Still, there's a lot of ground to make up, with retail sales down 7.2% in the nine months through September from the same period a year ago.
China will carry out what it planned in late May for the scheduled budget and government bond issuance, while on monetary and credit policies, the period of quickly accelerating credit growth is over, according to the report.
The services sector, which already accounts for over 50% in GDP, has shown a bit slow recovery.
"However, we should also be aware that the global environment is still complicated and severe with considerable instabilities and uncertainties, and that we are under great pressure of forestalling epidemic transmissions from overseas and its resurgence at home", the bureau said, noting that the recovery process is ongoing.