中国经济平稳运行主基调没有改变 前三季度主要宏观经济指标总体平稳

Core Viewpoint - The Chinese economy shows steady growth with a GDP increase of 5.2% year-on-year in the first three quarters, indicating a positive trend in economic performance despite external challenges [1][2][3] Economic Performance - GDP growth reached 39,679 billion yuan, an increase of 1,368 billion yuan compared to the previous year [1] - Quarterly GDP growth rates were 5.4% in Q1, 5.2% in Q2, and 4.8% in Q3 [1] - The average urban unemployment rate remained stable at 5.2% [1] Price and Consumption - The Consumer Price Index (CPI) slightly decreased by 0.1%, while the core CPI, excluding food and energy, rose by 0.6% [1] - The core CPI increased by 1.0% in September, marking a continuous expansion over five months, reflecting the effectiveness of policies aimed at boosting domestic demand and consumption [1] International Trade and Foreign Exchange - The foreign trade sector demonstrated resilience, with import and export volumes reaching historical highs, and the growth rate improving quarterly [1] - As of September, foreign exchange reserves remained above 3.3 trillion USD, with a stable appreciation of the RMB [1] Industrial Growth - The added value of the equipment manufacturing and high-tech manufacturing industries accounted for 35.9% and 16.7% of the total industrial added value, respectively [2] - Non-fossil energy consumption increased by approximately 1.7 percentage points year-on-year, indicating progress in green and low-carbon transformation [2] Income and Employment - Per capita disposable income growth matched economic growth, with a reduction in the income gap between urban and rural residents [2] Policy and Future Outlook - The government is focusing on high-quality development to address external uncertainties, with policies aimed at expanding domestic demand and enhancing capital market activity [2][3] - Economic growth is expected to maintain momentum in Q4, with GDP growth projected between 5.0% and 5.2%, supported by structural monetary policies and stabilization in the real estate market [3]