21社论丨更快更好发挥政策效能，实现全年增长目标

Economic Growth - In the first three quarters of the year, China's GDP grew by 5.2% year-on-year, maintaining a level above the target, laying a solid foundation for achieving annual goals [1] - In the third quarter, GDP growth was 4.8%, a decrease of 0.4 percentage points from the second quarter, aligning with market expectations [1] - The primary industry contributed 0.3 percentage points to GDP growth in Q3, up from 0.2 in Q2, while the contributions from the secondary and tertiary industries declined [1] Domestic Demand - Total retail sales of consumer goods increased by 4.5% year-on-year in the first three quarters, down from 5.0% in the first half of the year, but consumer confidence is gradually recovering [2] - Fixed asset investment growth fell to -0.5% in the first three quarters, with declines in infrastructure, manufacturing, and real estate investments [2] Policy Measures - Recent government policies have included accelerated issuance of government bonds and liquidity support from the central bank, leading to improvements in manufacturing PMI for two consecutive months [3] - The central government will allocate 500 billion yuan from local government debt limits to support project construction in economically significant provinces [3] - The upcoming Central Committee meeting is expected to outline a new five-year development plan, potentially boosting economic growth confidence [3]