China’s economic data triggered new optimism.

　　The reference news network reported on October 21. According to the zweites deutsches fernsehen website reported on October 18th, while the third Belt and Road International Cooperation Summit Forum was held, China announced that its economy grew by 4.9% year-on-year in the third quarter. This increase exceeded expectations. It seems that this is a rising signal at the right time.

　　According to the report, although there are still uncertainties in China’s economy, several major US banks, including Goldman Sachs, JPMorgan Chase and Citibank Group, significantly raised their forecasts for China’s economy on the 18th. They believe that China’s economy will recover.

　　These most influential financial institutions in the world predict that China’s economic growth will exceed 5% in 2023. This means that China’s economic growth this year may once again be in the forefront of all industrialized countries and newly industrialized countries. This alone shows that the world’s second largest economy is still of great importance.

　　According to an American business insider website reported on October 19th, Moody’s, a major American bank and rating agency, believes that China’s economy is about to recover. The most influential financial institutions in the world raised the forecast of China’s economic growth in 2023 to 5% and above on the 18th.

　　According to the report, the obviously better-than-expected economic data triggered new optimism about China. Citigroup and Goldman Sachs currently expect China’s GDP to grow by 5.3% this year. JPMorgan Chase predicted that China’s economy would grow by 5.2% this year. JPMorgan Chase wrote that the data in August and September were better than expected, "which is encouraging".

　　Max Zenlein, chief economist of Mercator China Institute, said: "China’s economic model is in a transitional stage, and the government consciously accepts lower GDP growth." He also said that the government hopes that future growth will be promoted by areas that meet national goals, including relying more on high technology. Cenlein believes: "This transformation is not smooth sailing, but China’s economy is not in a crisis mode."

　　On October 20th, the South China Morning Post said in an editorial entitled "New GDP data gives China every reason to see the bright side" that investors have seen encouraging signs of strong recovery. No matter how to interpret the latest GDP data of China, doomsday theorists who predict that the sky will fall will keep silent.

　　The article said that China’s GDP growth in the third quarter exceeded market expectations because consumption rebounded and industrial production stabilized when the government took measures to boost growth. As China’s economy resumed its growth momentum, many analysts were surprised at the extent of its growth. Almost all aspects of consumer spending are increasing.

　　The article said that the latest data shows that Beijing’s growth target of around 5% this year is within reach. We have reason to be optimistic. Given the encouraging GDP data, Beijing will undoubtedly have more confidence in achieving its growth targets and will pay attention to the prospects for next year.

　　The article points out that up to now, many foreign "experts" still know very little about the size and complexity of China, the world’s second largest economy, and they are likely to rave about China’s economy. At the same time, China’s economy will advance in ups and downs like any major market in the world.

　　According to a report on the website of Bloomberg News on October 18th, the GDP data released by China shows that the worst period has passed as consumption drives the economic rebound.

　　Zhou Hao, chief economist of Guotai Junan International, said: "In the short term, at least one thing is clear: China’s growth has basically bottomed out. The momentum of economic growth has swept away some clouds at least in the short term. "

　　The report believes that this judgment also applies to the world economic situation. The International Monetary Fund announced last week that it would keep its global growth forecast unchanged this year, and slightly lowered its growth forecast for next year. The latest data of China’s economy can ease people’s worries about the further global recession. (Compile/Nie Litao, Wu Mei, Wang Dongdong)