中国3季度GDP及9月经济数据点评：供需两端均有改善

Economic Growth - China's GDP in Q3 2024 grew by 4.6% year-on-year, slightly above the expected 4.5% and down from 4.7% in Q2[1] - The quarter-on-quarter growth for Q3 was 0.9%, surpassing the previous quarter's 0.5%[2] Industrial and Service Sector Performance - Industrial value-added in September increased by 5.4% year-on-year, exceeding expectations of 4.5%[3] - The service sector's value-added grew by 4.7% year-on-year, indicating steady performance[2] Investment Trends - Fixed asset investment rose by 3.4% year-on-year in September, up from 2.2% in August[5] - Manufacturing investment accelerated to 9.7% year-on-year, driven by strong export demand[5] Consumer Spending - Retail sales in September grew by 3.2% year-on-year, improving from 2.1% in August[3] - The growth in retail sales was supported by significant increases in home appliance and communication equipment sales, which rose by 20.5% and 12.3% respectively[3] Financial Indicators - Total social financing in September increased by CNY 37,634 billion, up from CNY 30,323 billion in August[5] - The year-on-year decrease in new loans was CNY 7,200 billion, indicating a need for stronger credit demand[5] Capacity Utilization - The industrial capacity utilization rate in Q3 was 75.1%, a slight increase from 74.9% in Q2 but down from 75.6% a year earlier[19]