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China's economic recovery
EconomyChina Economy

Explainer | Li Keqiang, GDP and trade pick up, belt and road forum: 8 things from China’s economy in October

  • Former premier Li Keqiang died in October, while China confirmed its economy grew by 4.9 per cent in the third quarter, year on year
  • The Belt and Road Forum for International Cooperation also took place, while Australian Prime Minister Anthony Albanese confirmed his visit to Beijing

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02:39

China’s economy sees a resurgence in the third quarter, beating forecasts

China’s economy sees a resurgence in the third quarter, beating forecasts
Andrew Mullen
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1. Father of Likonomics, Li Keqiang, fondly remembered

Former premier Li Keqiang, who served as premier from 2013-23 and guided China’s economy through a difficult period, died in Shanghai at the end of October at the age of 68.

Li was fondly remembered for his economic tactics, known as “Likonomics” that featured efforts on deleveraging, structural reform and restrained stimulus.

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China’s first premier with a bachelor’s degree in law and a PhD in economics, Li pushed for the private economy, foreign investment and simplified government procedures.

03:31

‘People’s Premier’: former Chinese premier Li Keqiang dies of a heart attack at age 68

‘People’s Premier’: former Chinese premier Li Keqiang dies of a heart attack at age 68

2. GDP target looms into view

China’s economy grew by 4.9 per cent in the third quarter, year on year, which was better than expected, but down from the 6.3 per cent year-on-year expansion in the second quarter.
Sequentially, China’s gross domestic product (GDP) rose by 1.3 per cent from the previous three months, up from the sequential rise of 0.8 per cent in the second quarter.

Officials said due to the low comparison base last year, China’s economy only needs to reach a year-on-year growth of 4.4 per cent in the fourth quarter to achieve Beijing’s full-year target of “around 5 per cent”.

3. Export decline slows

China’s exports fell for a fifth straight month in September, dropping by 6.2 per cent year on year, as shipments to major trading partners suffered declines.
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