21社论丨更快更好发挥政策效能，实现全年增长目标

Economic Growth - China's GDP grew by 5.2% year-on-year in the first three quarters, laying a solid foundation for achieving annual targets [1] - In Q3, GDP growth was 4.8%, a decrease of 0.4 percentage points from Q2, aligning with market expectations [1] - The primary industry contributed 0.3 percentage points to growth, higher than Q2's 0.2, while the secondary and tertiary industries saw a decline in their contributions [1] Demand and Consumption - Final consumption expenditure contributed 2.7 percentage points to GDP growth in Q3, while net exports contributed 1.2 percentage points, both remaining stable compared to Q2 [1] - Social retail sales increased by 4.5% year-on-year in the first three quarters, down from 5.0% in the first half of the year, indicating a slight decline in consumer spending [2] - Consumer confidence index has shown signs of recovery, suggesting a gradual restoration of internal consumption dynamics [2] Investment Trends - Fixed asset investment growth fell to -0.5% in the first three quarters, with declines noted in infrastructure, manufacturing, and real estate investments [2] - Challenges to achieving annual economic goals include intensified external trade frictions and the need to boost investor confidence [2] Policy Measures - Recent government policies have focused on enhancing liquidity and supporting consumption, leading to improvements in manufacturing PMI and business activity expectations [3] - The central government plans to 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]