(18 Oct 2024)
RESTRICTION SUMMARY:
++AUDIO AS INCOMING++
ASSOCIATED PRESS
Beijing – 18 October 2024
1. Wide of briefing
2. Cutaway of reporters
3. SOUNDBITE (Mandarin) Sheng Laiyun, Deputy Commissioner, National Bureau of Statistics:
“This year, the domestic and external environment has been complex and full of changes. The external environment is intertwined with chaos, and risks and challenges are increasing. The domestic economy is at a crucial stage of structural adjustment and transformation. Cyclical contradictions and structural contradictions are intertwined, and the pain of adjustment is being released.”
4. Cutaway of reporters
5. SOUNDBITE (Mandarin) Sheng Laiyun, Deputy Commissioner, National Bureau of Statistics:
“Although growth of the second quarter and the third quarter fluctuated slightly, from a cumulative perspective, the generally stable performance of the national economy has not changed. Judging from the four major macroindicators of growth, employment, inflation and balance of payments, the economy was generally stable in the first three quarters.”
6. Cutaway of reporters
7. SOUNDBITE (Mandarin) Sheng Laiyun, Deputy Commissioner, National Bureau of Statistics:
“Judging from the economic performance in the first three quarters and the implementation effects of incremental policies, we believe that the favorable conditions for economic stabilization and recovery are increasing, and confidence in achieving the expected (growth) target of about 5% in the fourth quarter is growing.”
8. Wide of briefing
STORYLINE:
China’s economy expanded at a slower-than-expected rate of 4.6% in the July-September quarter, the government said Friday.
The latest data show the world’s second largest economy slowing from 4.7% annual growth in the previous quarter and falling short of the official target of “about 5%” growth for 2024, a figure that analysts consider ambitious without more aggressive measures to boost consumer demand and spur a recovery in the ailing property sector.
Sheng Laiyun, deputy commissioner of China’s National Bureau of Statistics, said at a Friday press briefing that the first part of the year wsa full of complicated adjustments.
Sheng said despite the challenges, China’s economy remained generally stable.
The economy has remained sluggish despite the lifting of COVID-19 restrictions at the end of 2022.
Consumer confidence is low and the real estate market remains a drag on the economy.
Chinese policymakers have in recent weeks announced a wave of measures aimed at boosting the economy, including reducing mortgage rates for existing homes and allowing banks to lend more by reducing reserve requirements.
But Beijing has so far stopped short of unveiling major new stimulus plans that analysts and stock investors believe is needed to give the economy a major boost.
But Sheng expressed confidence in the final quarter.
China’s growth rate in the first three quarters of the year was 4.8%. On a quarterly basis, the economy expanded 0.9% in the quarter that ended in September, up from 0.7% growth in the previous quarter.
AP Video by Olivia Zhang
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