By GONG Qian

China's gross domestic product (GDP) grew 4.8 percent year-on-year in the first three quarters of 2024, reaching around 94.97 trillion RMB (about 13.33 trillion USD), data from the National Bureau of Statistics (NBS) showed on October 18.

Given that, the full year GDP growth target of around five percent is now within reach with extra stimulus in the fourth quarter of 2024, Xu Tianchen, senior economist at The Economist Intelligence Unit, told CNBC.

Despite a complicated external environment and emerging challenges at home, the Chinese economy has posted generally stable performances.

The Associated Press reported, citing the NBS's statement, that the Chinese economy has been "generally stable with steady progress" even in the face of a "complicated and severe external environment" and complicated domestic economic development.

China has recently ramped up policy stimulus with a slate of support measures aimed at boosting the economy, including reducing mortgage rates for existing homes and allowing banks to lend more.

These measures reflect China's commitment to ensure stable economic performance and bolster market confidence for the remainder of the year, according to the Pakistani magazine Diplomatic Insight.

The efforts are also welcomed by many economists and international financial institutions such as Goldman Sachs and Union Bank of Switzerland  who have raised their 2024 China economic growth forecasts from 4.7 percent to 4.9 percent.

"The latest round of China stimulus clearly indicates that policymakers have made a turn on cyclical policy management and increased their focus on the economy," Goldman economists, including chief China economist Hui Shan, wrote in a research note.

"The goals are to enhance the strength of macro policies to expand domestic demand and reach this year's GDP grow target," Chinese vice minister of Finance Liao Min told Bloomberg News. "And in the meantime to coordinate with monetary policy to push for the restructuring of the economy, particularly to boost domestic demand including consumption."

On October 29, the second edition of the Asia Manufacturing Index by Dezan Shira & Associates was unveiled. It offers manufacturers a rare and thorough comparison of 11 economies to guide informed decision-making in Asia.

China has topped the index for two consecutive years. Despite its challenges, China's dominance as a global hub for efficient, high-quality manufacturing across various industries continues to be evident, Dezan Shira & Associates said.

Russia news agency Tass reported that China is a leading global manufacturer, supplying a wide range of products to the international market. China actively supports and constantly strengthens trade contacts with most countries, Tass said.

According to the General Administration of Customs of China, the country's total goods imports and exports maintained stable growth in the January-September period, expanding to 32.33 trillion RMB (about 4.57 trillion U.S. dollars) with a year-on-year increase of 5.3 percent.

"There's reason to be more optimistic about growth in the coming years, given how the government is committed to shoring up the economy," Xu said.