China's economy expanded at a blistering pace in the third quarter, the government said yesterday, even as it declared that the immediate overheating risk had receded thanks to a series of control measures.
The world's fourth-largest economy grew by 11.5 percent in the third quarter and the first nine months of the year, compared with the same periods a year earlier, the National Bureau of Statistics said.
"We have prevented the economy shifting from speedy growth to overheating," bureau spokesman Li Xiaochao (李曉超) told a briefing. "Bottleneck problems have been eased."
As evidence of a slight slowdown, Li said that economic growth in the second quarter had been 11.9 percent, while inflation last month was 6.2 percent, down from 6.5 percent in August.
However, concerns lingered about possible policy responses to the growth data, with Shanghai stock prices closing the day 4.8 percent lower as investors worried about monetary tightening.
"Despite the modest moderation in activity growth and inflation, they remain above the comfort zone for policymakers," Goldman Sachs economist Hong Liang (梁紅) said in a research note. "We expect the central bank to continue to depend on credit rationing as its main policy tool."
Investment spending remained the major driver of economic growth, accounting for more than 40 percent of the increase in GDP in the first nine months, Li said.
The bureau confirmed that fixed-asset investments expanded 25.7 percent in the first nine months of the year from the same period last year.
AVOIDING CONFUSION: Passengers are to be able to check in two items of luggage, while the free weight allowance is to be increased to conform with other airlines EVA Airways Corp (長榮航空) yesterday announced that from June 23 it is to adopt a new baggage allowance policy for all passengers with a higher weight limit as it aims to benefit passengers and increase efficiency. The airline currently has a two-system baggage policy: It allows passengers flying to the US and Canada to check in two pieces of baggage with a free weight allowance, while for those flying to Asia, Europe and Oceania there is also a free weight allowance, but no limit on the number of pieces of baggage. From June 23, passengers would be able to check in two
MORE THAN BUZZ: The chip designer said it has received numerous orders from automakers to supply 5G modem chips, as it works to expand beyond smartphones MediaTek Inc (聯發科) yesterday said it would ship the first 5G chips for vehicles to customers in the Asia-Pacific region by the end of the year, as it moves to expand the reach of its 5G chips beyond smartphones. The Hsinchu-based chip designer said it has been developing 5G chips for connected vehicles over the past few years, targeting applications such as telematics and in-vehicle information systems. “We are seeing demand for 5G technology from numerous makers of connected cars, including electric vehicle makers. We have obtained numerous orders from automakers to supply 5G modem chips with highly integrated features,” J.C. Hsu
INVENTORY DOUBLED: Key parts have backed up in warehouses, halting notebook production, as Acer’s CEO said that a gradual reopening would not solve the problem PC vendor Acer Inc (宏碁) yesterday said that lockdowns in China to control COVID-19 upended key component supply and disrupted PC production, although chip shortages have been improving. While chip supply constraints largely eased in the first quarter, the company faces uneven supplies of key components due to COVID-19 restrictions in China, Acer chairman and CEO Jason Chen (陳俊聖) told an online news conference. “Semiconductor shortage was the biggest problem in the first half of last year,” Chen said. “Now, we are beset by a supply chain issue caused by China's lockdowns.” With key components unable to be delivered and backing up in
Qualcomm Inc yesterday said it would maintain its supply chain strategy of sourcing chips from multiple foundry partners, including advanced chips from two major suppliers, to ensure a sufficient chip supply amid the COVID-19 pandemic. Qualcomm is reportedly working with Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and Samsung Electronics Co on advanced products, such as 4-nanometer chips, for its new flagship 5G chips, the Snapdragon 8+ Gen 1 series. Qualcomm is sourcing chips made by mature technologies from several foundry partners, the company said. Alex Katouzian, general manager of Qualcomm Technologies Inc’s mobile, compute and XR business, told a virtual media briefing that
RSS