China's economy grew 4.9% in the third quarter of 2023, beating market expectations. China's National Bureau of Statistics said that China's economic growth reached 4.9% on a year-on-year basis, higher than the expected 4.4%.

China's economic growth in the third quarter of 2023 was lower than the second quarter of 2023 by 6.3%, but higher than the first quarter of 2023 by 4.5%.

On a quarterly basis, China's economy grew 1.3% in the third quarter of 2023, higher than the second quarter of 2023 by 0.5%.

Although China's economic growth has improved, the National Bureau of Statistics warned that there are risks ahead. These risks include the increasingly complex global economic conditions and China's domestic conditions, which are not yet stable.

Previously, the market had expected that China's economic growth would be weaker in the third quarter of 2023. This was due to the crisis in the property sector and the weakening of domestic demand.

However, the data from the National Bureau of Statistics shows that Beijing is on track to achieve its target of 5% economic growth in 2023.

Alicia Garcia-Herrero, Chief Asia-Pacific Economist at Natixis, said that China's economic stabilization currently shows the government's success in responding to the turmoil in the country's financial system.