Data show economy on path to steady recovery

That China's GDP grew by 4.6 percent, higher than the 4.5 percent market expectations, in the third quarter shows government policies are having the desired effect, even though the growth rate was slightly lower than the 4.7 percent in the second quarter, according to the macroeconomic data released by the National Bureau of Statistics on Friday.

Compared with previous periods, the latest round of policies has increased in intensity and scope, as the authorities have taken steps to boost market confidence through measures such as reducing the reserve requirement ratio and interest rates, lowering the interest rate on existing housing loans, and issuing a stimulus package.

According to a NBS survey that covered about 100,000 large enterprises, the percentage of industrial enterprises above designated size optimistic about their performance in the fourth quarter increased by 1.3 percentage points month-on-month and 0.9 percentage points year-on-year. Also, the condition of some key enterprises, both in the traditional and emerging industries, has improved significantly, reflecting that market expectations are turning positive.