China Economic Monitor: Q4 2023

China's GDP grew 4.9% year-on-year in the third quarter, down from 6.3% in the second quarter, mainly due to the rise in the comparison base last year. Excluding the base effect, the average growth rate in 2022-23 in the third quarter was 4.4%, up 1.1 percentage points from the second quarter, exceeding market expectations. On a month-on-month basis, GDP in the third quarter increased by 1.3%, 0.8 percentage points faster than that in the second quarter, and the domestic economy continued to recover, with a significant margin of improvement.

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