Oriental Daily B1: China’s economy grew by 5.3% and banks raised their targets for this year and next year – Oriental Daily

Song Lin, chief economist of Greater China at ING Bank, analyzed that China's economic growth rate reached 5.3% this year, indicating sustained and stable economic growth. He pointed out that the mainland's growth engine is shifting. Consumption, which was the main engine last year, has become moderate this year. Net exports are no longer the main engine. Investment has become the main engine. GDP performance in the last quarter exceeded expectations.

Economic growth rate is stable

According to Song Lin's analysis, China's economic growth rate reached 5.3%, showing continued and stable economic growth. This figure reflects the results of the Chinese government's active promotion of economic structural adjustment, transformation and upgrading.

Consumption moderates

Song Lin pointed out that the main consumption last year has become moderate this year. This may be due to consumer confidence being affected by some uncertain factors, but overall, consumption is still an important driving force for China's economic growth.

Net exports are no longer the main engine

In the past, China's economic growth mainly relied on net exports, but with changes in the international trade environment, net exports are no longer the main engine. The Chinese government actively promotes opening up to the outside world and strengthens economic cooperation with other countries to cope with global economic uncertainty.

• Investment became the key factor in last quarter’s GDP performance exceeding expectations.

Investment became an important reason why GDP performance exceeded expectations last quarter. The Chinese government actively promotes infrastructure construction and the development of high-tech industries, attracting large amounts of investment and injecting strong impetus into economic growth.