Bold measures to rev up Chinese economy

China's economy will likely pick up pace in the fourth quarter amid a slew of bolder-than-expected stimulus measures, providing strong support for achieving its annual growth target of around 5 percent this year, economists said.

As China grapples with lackluster domestic demand, economists suggest a multifaceted approach, balancing monetary easing with targeted fiscal stimulus to rejuvenate consumer confidence and boost domestic demand.

Looking forward, they believe the focus must be on tackling issues faced by enterprises, spurring consumption and stabilizing the real estate sector, as that will be pivotal in steering the country toward a more resilient and sustainable economic future.

Wang Yiming, vice-chairman of the China Center for International Economic Exchanges and former deputy director of the Development Research Center of the State Council, noted that while China's economy has demonstrated resilience — with key indicators reflecting stability — the fundamental issue of still-weak domestic demand remains pronounced.

"China's industrial output rose 5.8 percent year-on-year in the first eight months, slightly faster than in the same period over the past four years and higher than the (5 percent) GDP growth rate for the first half of the year," Wang said. "The rapid growth in industrial production is notably driven by exports, which saw a year-on-year increase of 4.6 percent in US dollar terms in the first eight months, primarily due to a recovery in global trade demand."