China's Economy Slows Down - Party Discusses Course - China's Economy Grows 4.8% Despite Challenges, Ahead of Key Policy Meeting
China's economy has shown resilience, growing at 4.8% in the third quarter despite challenges, a spokesperson for the statistics bureau confirmed. The economy is slowing due to domestic issues and trade tensions, but exports remain a key support.
The Chinese economy is driven largely by state-funded investments, with consumer caution and industrial overcapacity leading to falling prices. The property crisis and cautious consumer sentiment are contributing to the slowdown.
The Communist Party's Central Committee has begun its fourth plenum in Beijing to determine economic guidelines for the coming years and a new five-year plan. The focus is likely to be on 'economic and technological independence and leadership', with innovation and supply security in strategic sectors as priorities. Beijing plans to advance technological independence and shape world market leaders in future industries like electric vehicles and renewable energy.
China's economic growth rate has slowed to 4.8% in the third quarter, falling short of the targeted 5% for the year. Despite challenges, the economy has withstood pressure and made progress. The upcoming five-year plan is expected to prioritize technological independence and leadership in strategic sectors.
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