三季度经济增长4.8%，国家统计局：有回落但能实现全年目标

Economic Growth - The GDP of China for the first three quarters reached 101.5 trillion yuan, with a year-on-year growth of 5.2% [1][3] - The quarterly growth rates were 5.4% in Q1, 5.2% in Q2, and 4.8% in Q3, indicating a decline in growth rate over the quarters [1][7] Key Economic Indicators - In Q3, the growth rates of industrial output, services, retail sales, and investment all decreased compared to the first half of the year, while export growth remained stable [2][4] - The industrial added value for large-scale enterprises grew by 6.2% year-on-year, a decrease of 0.2 percentage points from the first half [4] - The service sector's added value increased by 5.4%, showing a slight decline from the previous half [4] - Retail sales of consumer goods grew by 4.5%, down 0.5 percentage points from the first half, with September showing the lowest monthly growth rate of 3% for the year [4][6] Investment Trends - Fixed asset investment (excluding rural households) fell by 0.5% year-on-year, marking a shift from positive to negative growth [6] - Infrastructure investment grew by 1.1%, while manufacturing investment increased by 4.0%, and real estate development investment dropped by 13.9% [6] External and Internal Challenges - The decline in GDP growth in Q3 was attributed to multiple factors, including a complex external environment and significant domestic structural adjustment pressures [7] - The international landscape has been affected by unilateralism and protectionism, leading to increased uncertainty in global trade [7] Policy Measures and Future Outlook - Recent economic stabilization policies, particularly in investment, have been introduced, including the acceleration of 500 billion yuan in new policy financial tools [8][9] - These measures are expected to stimulate project investments significantly, with projections indicating a potential increase in infrastructure investment growth by 1 to 1.5 percentage points in Q4 [9] - The overall economic conditions remain supportive for achieving the annual growth target of around 5% [8][10]