Several key indicators point to an expected rebound for China's industrial activity during the final quarter of 2019, Ministry of Industry and Information Technology spokesman Huang Libin said.
According to China Daily, Libin revealed that despite some stumbling blocks over the past few months, China's industrial sector is moving at a steady, stable pace, indicating that the world's second-largest economy is still on track in its full-year expansion targets.
Libin noted that the ministry will continue to push for a more stable industrial sector amid changes in the industrial environment and uncertainties in trade. He said an overall look at the industrial sector adds up to steady growth.
The forecast came after China's GDP (gross domestic product) dropped slightly to six percent during Q3 from 6.2 percent in the second quarter. Some economists raised concerns about the Chinese economy since then.
However, some major domestic companies posted good progress over the past few weeks, signaling improvements in the industrial sector. Among the firms that prompted improvements in the industrial output of the country are China Telecom, China Unicom, and China Mobile.
The three telecom carriers established over 80,000 5G base stations across the country, in a move that could boost industrial figures for the fourth quarter. The industrial internet segment's growth is a key indicator of growth.
Ongoing trade tensions with the United States had an impact on industrial activities and economic growth in the country. On the other hand, some economic experts believe the nation will recover soon.
CITIC Securities Chief Economist, Zhu Jianfang, pointed out during China Macroeconomy Forum in Beijing that he believes the country can still achieve its GDP target this year since the economy is expected to stabilize by the fourth quarter.
Meanwhile, Milken Institute's latest report on economic performance among Chinese cities saw an unlikely contender beat out some of the most recognized cities in the country, including Shenzhen and Beijing.
According to the South China Morning Post, Sichuan Province's provincial capital, Chengdu, took the first spot as China's best-performing city in terms of economy in the think tank's annual report.
Milken Institute's index-based calculations on a gross regional product, wages, job additions, and foreign direct investments (FDIs) between 2012 and 2017. Chengdu ranked first in employment growth and showed excellent gains.
Chengdu toppled Shenzhen, China's answer to the American Silicon Valley, while Beijing was pushed to third place. Both Beijing and Shenzhen still showed significant growth despite Chengdu taking the top spot in gains and growth.
China has been working to implement economic reforms that will help curb the effects of a slowing global economy. Among the reforms that the nation took is its initiative of opening up to more foreign investors.
