Foundation for recovery needs consolidating
China DailyHigh-rises dominate the skyline on both sides of the Huangpu River in Shanghai. In the first three quarters of this year, the contribution rate of consumption expenditure to economic growth reached 83.2 percent, 6 percentage points higher than that of the first half of the year. Industrial production in October increased by 4.6 percent year-on-year, 0.1 percentage points faster than the previous month, and the year-on-year growth rate of industrial enterprises above designated size has turned positive for two consecutive months, surging 11.9 percent in September. In October, the value added of the equipment manufacturing industry above designated size increased by 6.2 percent year-on-year, accelerating for three consecutive months, and its contribution rate to the value added of all industrial enterprises above designated size reached 45.1 percent. Data show that, from January to October, the real estate development investment fell by 9.3 percent year-on-year, which is 0.2 percentage points faster than that from January to September.
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