(Yicai Global) Oct. 18 -- China can achieve its key economic and social development targets this year despite the lower-than-predicted gross domestic product growth in the third quarter, according to the stats bureau.

Although China’s economic growth slowed in the third quarter due to factors including the Covid-19 epidemic, flooding, tight power supply, as well as a high comparison point, its economic development has shown strong resilience and vigor, Fu Linghui, spokesman for the National Bureau of Statistics, said today. The economy as a whole will sustain recovery and high-quality development, he added.

The world's second-largest economy expanded by 4.9 percent during the three months ended September from a year ago, the NBS revealed earlier today. The average two-year growth rate was also 4.9 percent, it added.

The figure is not as high as expected. A group of 21 chief economists surveyed by Yicai Global had said earlier that the increase is likely to be 5.35 percent in the third quarter.

Moreover, the official target is higher. Last March, Premier Li Keqiang announced that the country’s 2021 GDP target is at least 6 percent.

But in the bigger picture, the increase is not that small. From January to September, China’s GDP widened by 9.8 percent from a year earlier, according to the NBS. The two-year pace of rising was 5.2 percent, down from the rate of 5.3 percent logged in the first half.

China's expansion can last for long, according to Fu. The country's macroeconomic indicators are within a reasonable range. Moreover, China's structural adjustment and improvements, its efforts to reform and open up, its strong development resilience, and the continued income growth support the long-term trajectory, he added.

Moreover, there is room for policy maneuvering. The government keeps building up its financial strength and it can roll out effective, timely measures in accordance with the current monetary policy to promote stable economic operations, Fu added.

Finally, the energy shortfall should not be here to stay. Along with a gradual implementation of various government measures, supply shortages of coal and electricity will be alleviated, Fu concluded.

Editor: Emmi Laine， Xiao Yi