By Hasan Muhammad

 

 

China's economic machinery continues to hum steadily, defying the turbulence of a volatile global landscape. Industrial output expanded by 5.8% in the first three quarters, a testament to its enduring competitiveness on the world stage. Notably, the high-tech and equipment manufacturing sectors surged ahead, underscoring Beijing's strategic pivot toward innovation-driven growth. The service industry, too, tells a story of resilience. Its output rose by 4.7% year-on-year, with September marking a sharper uptick - 5.1% growth compared to August's 4.6% - signaling a recovery gaining traction. 

 

This rebound reflects more than just stability; it points to the accelerated emergence of quality productive forces and new opportunities in consumption. As China refines its export-import strategies and nurtures growing sectors, its economy reveals an evolving dynamism. 

 

Over the first three quarters, the nation's GDP climbed to 94.97 trillion yuan ($13.12 trillion), reflecting a 4.8% year-on-year increase. Notably, the third quarter posted a 4.6% annual growth and a 0.9% quarter-on-quarter rise, signaling a recovery that remains within a stable and manageable range. Industrial operations and a reinvigorated service sector have anchored this performance, pointing to a broader narrative of stability. 

 

High-tech industries are leading the charge, with industrial output in this sector surging by an impressive 9.1% in the first three quarters. The country's green manufacturing initiatives stand out, too, as production of new-energy vehicles skyrocketed by 33.8%, cementing China's leadership in sustainable technology. But it's not just the factories that are humming. The digital economy is flourishing, with smart products such as virtual reality devices and smartphones showing double-digit year-on-year growth -11% and 10.5%, respectively. 

 

These advancements paint a vivid picture of an economy that's not just growing but transforming in profound ways. Foreign trade is another bright spot. For the first time, China's total imports and exports crossed the 32 trillion-yuan mark, a 5.3% increase year-on-year. This historic high signals not only scale but also a shift in quality, with high-end equipment exports gaining traction on the world stage.

 

These milestones are more than just numbers - they tell a story of a nation leveraging innovation and sustainability to carve out new advantages. In a world grappling with economic uncertainty, China's ability to pivot toward emerging industries and maintain robust trade performance offers a compelling counterpoint to stagnation elsewhere. The question now isn't whether China can sustain this momentum, but how its continued evolution will shape the global economic landscape in years to come. 

 

China's economy is weaving a combination of resilience and adaptability, as its trade and consumption patterns reflect evolving strengths. The diversification of import and export partners has emerged as a strategic bulwark against global uncertainties. Between January and September, trade with Belt and Road Initiative nations surged by 6.3%, reaching 15.21 trillion yuan and constituting 47.1% of China's total trade. 

 

Similarly, economic ties with Regional Comprehensive Economic Partnership (RCEP) members strengthened, with trade growing by 4.5% year-on-year to 9.63 trillion yuan - both metrics surpassing trade growth rates with traditional partners in the EU and the US. On the domestic front, consumption is carving out new narratives of growth. Retail sales of consumer goods hit 35.36 trillion yuan in the first three quarters, marking a 3.3% year-on-year rise.