BEIJING: China’s growth eased to 6.8 percent in the third quarter but remained higher than the government’s full-year target, providing a boon to President Xi Jinping amid a major Communist Party congress.
The official figures, released on Thursday by the National Statistics Bureau, showed economic growth has held steady as the pivotal leadership reshuffle unfolds in Beijing.
“The national economy has maintained the momentum of stable and sound development in the first three quarters, with favorable factors accumulating for the economy to maintain medium-high rate of growth,” said bureau spokesman Xing Zhihong.
The 6.8 percent figure, based on an annual comparison, followed growth of 6.9 percent in the first and second quarters of the year and was in line with forecasts from analysts surveyed by AFP.
The government has a set a target of around 6.5 percent growth in 2017.
Brisk consumer spending and strong factory output fueled economic growth for the July to September period.
The 10.3 percent rise in retail sales for September from a year earlier was welcome news for the economy, which is relying on China’s vast consumer pool to start spending as the economy transitions away from investment heavy growth.
“China’s economy has been transitioning from a phase of rapid growth to a stage of high-quality development,” Xi told an audience of 2,300 party leaders when he opened the congress on Wednesday.
China growth eases in third quarter
China growth eases in third quarter
Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn
RIYADH: Saudi Arabia’s foreign reserves climbed 3 percent month on month in January to SR1.78 trillion, up SR58.7 billion ($15.6 billion) from December and marking a six-year high.
On an annual basis, the Saudi Central Bank’s net foreign assets rose by 10 percent, equivalent to SR155.8 billion, according to data from the Saudi Central Bank, Argaam reported.
The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.
According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.
The rise in reserves underscores the strength and liquidity of the Kingdom’s financial position and aligns with Saudi Arabia’s goal of strengthening its financial safety net as it advances economic diversification under Vision 2030.
The value of foreign currency reserves, which represent approximately 95 percent of the total holdings, increased by about 10 percent during January 2026 compared to the same month in 2025, reaching SR1.68 trillion.
The value of the reserve at the IMF increased by 9 percent to reach SR13.1 billion.
Meanwhile, SDRs rose by 5 percent during the period to reach SR80.5 billion.
The Kingdom’s gold reserves remained stable at SR1.62 billion, the same level it has maintained since January 2008.
Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion, according to the Kingdom’s central bank.
Overall, the continued advancement in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the country’s ability to navigate global economic volatility.
The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed.
Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.
