China's economy gains new growth momentum as structural transformation advances

China's GDP grew 4.6 percent year-on-year to 107.11 trillion yuan ($16 trillion) in the first three quarters, as the economy remained broadly stable despite mounting headwinds, with new growth drivers gaining strength and the economic structure improving, the National Bureau of Statistics said on Monday.

The recovery is also showing varied momentum across sectors. Robin Xing, chief China economist at Morgan Stanley, said advanced industries are gaining traction, while parts of the traditional economy, including the property sector and labor-intensive services, remain under pressure.

China is well positioned to lead the next wave of industrial innovation, potentially ushering in a fifth industrial revolution. But technology alone may not be enough. Xing said more proactive fiscal policy, stronger support for household consumption and a more robust social safety net are needed to boost domestic demand and steer the economy toward more balanced growth.

Zhu Jingyi and Zheng Zihang contributed to this story.