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Greater China Property summary for the third quarter of 2020 From Jones Lang LaSalle

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The following is the Greater China Property summary for the third quarter of 2020 From Jones Lang LaSalle recommended by recordtrend.com. And this article belongs to the classification: China’s economy, research report.

In the third quarter of 2020, the year-on-year growth rate of China’s GDP accelerated from 3.2% in the second quarter to 4.9%, and the economic recovery momentum is good. Among them, the recovery of the service industry is more prominent, the value-added increased by 4.3% year-on-year, and the growth rate was 2.4 percentage points faster than that in the second quarter. In terms of consumption, the total retail sales of social consumer goods increased by 0.9% year-on-year in the third quarter, and the quarterly growth rate turned positive for the first time in the year. The sales of some consumer upgrading goods maintained rapid growth, and the online retail sales increased by 9.7% in the first three quarters. However, the accommodation and catering industry, which is most directly affected by social distance, is still under pressure, with a negative year-on-year growth rate. In the first three quarters, China’s investment in fixed assets (excluding farmers) increased by 0.8% year-on-year, and the growth rate changed from negative to positive for the first time in the year. In terms of industries, investment in high-tech industries increased by 9.1% year-on-year, 2.8 percentage points higher than that in the first half of the year, and the investment structure was continuously optimized.

Looking forward to the future, there is still great uncertainty in the prospect of global economic recovery, which will inevitably affect China. Recently, the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China (CPC) proposed a new development pattern with domestic circulation as the main body and domestic and international dual circulation promoting each other. In a period of high uncertainty of global economic development, it is particularly important to further strengthen internal circulation. Relying on the scale advantage and domestic demand potential of the domestic market, it is necessary to increase production and expand demand, so as to provide a solid foundation for stronger economic recovery and growth.

In the third quarter of 2020, the year-on-year growth rate of China’s GDP accelerated from 3.2% in the second quarter to 4.9%, and the economic recovery momentum is good. Among them, the recovery of the service industry is more prominent, the value-added increased by 4.3% year-on-year, and the growth rate was 2.4 percentage points faster than that in the second quarter. In terms of consumption, the total retail sales of social consumer goods increased by 0.9% year-on-year in the third quarter, and the quarterly growth rate turned positive for the first time in the year. The sales of some consumer upgrading goods maintained rapid growth, and the online retail sales increased by 9.7% in the first three quarters. However, the accommodation and catering industry, which is most directly affected by social distance, is still under pressure, with a negative year-on-year growth rate. In the first three quarters, China’s investment in fixed assets (excluding farmers) increased by 0.8% year-on-year, and the growth rate changed from negative to positive for the first time in the year. In terms of industries, investment in high-tech industries increased by 9.1% year-on-year, 2.8 percentage points higher than that in the first half of the year, and the investment structure was continuously optimized.

Looking forward to the future, there is still great uncertainty in the prospect of global economic recovery, which will inevitably affect China. Recently, the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China (CPC) proposed a new development pattern with domestic circulation as the main body and domestic and international dual circulation promoting each other. In a period of high uncertainty of global economic development, it is particularly important to further strengthen internal circulation. Relying on the scale advantage and domestic demand potential of the domestic market, it is necessary to increase production and expand demand, so as to provide a solid foundation for stronger economic recovery and growth.

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