Dear readers:

When Summer leafs turn to gold, Autumn comes with a kaleidoscope of vibrant and colorful beauty in Mother Nature, making it impossible to resist the temptation of outing and hiking at the time when the national efforts for COVID-19 prevention and control are still tightened. Autumn is the time for reaping what you sowed and planted in Spring, bespeaking the same principle in the economic landscape.

As the official report was released by NBS (National Bureau of Statistics) on Oct.18th, the first three quarters showed a considerable growth by 9.8 percent in gross domestic product ( GDP) as against the same period last year, and by 5.2 percent over the previous two year’s average by taking into account the corresponding quarters both in 2019 and 2020. To substantiate the whole economic fabric, the three drivers of consumption, investment and export, known as “troika”, were running at good throttles to keep the national economy moving on steadily fast. To be more exact, the contributing factor from the expenditure on final consumption to GDP reached 64.3 percent with the first 9 months taken together, 78.8 percent in the third quarter proper in spite of the business travel and sightseeing tour precautions, indicating seasonal harvest in Autumn, figuratively expressing a seasonal chill coupled with scenery chic.

Investment in the fixed assets registered a growth by 7.3 percent (farmers’ investment in their own farmland was not included), and total sum of money from the actual input contributed 15.6 percent to GDP in the foregone three quarters, and the net export from both goods and services contributed 19.5 percent growth rate to GDP while the trade balance from the goods arrived at 2.8 trillion Yuan in favor, witnessing an increased trade benefit.

Employment provides 10.45 million new jobs in cities and towns across the country, realizing 95% of the goal predetermined for this year while the unemployment rate was 4.9% according to a national survey concluded in September. What is more, the disposable income on average, another important indicator for the economic fundamental, actually ramped up by 9.7 percent by deducting impact factor from the price rise, whereas the rural residents in the countryside stepped up their own disposable income by 11.2%, further contracting the income gap between dwellers in cities and rural areas, making it possible for China’s consumption to curve up even though COVID-19 inflicted economy to some extent.

Let us take a look at what was accomplished in the textile industry as a whole in the first 8 months (one month short of the full length in three-quarter term for the reason of data availability) that saw a rise by 7.5 percent in the added value of the industrial output, and the domestic retails for garment, shoes, caps and knitted products in brick-and-mortar shops increased by 24.8% while the online sale for wearable products ascended by 19.4 %. Thee export of textiles and apparel amounted to $198.47 billion, up by 6 percent. Against the global backdrop of COVID-19 Variant that runs viral to impact the international business, China’s apparel export took a stride to turn for the better to grow amazingly by 128.1% for $105.9 billion while textiles outbound shipment dropped by 11.4%, a clear indication of production orders signed and placed to be manufactured where the business contracts are honored and fulfilled in an environment more advantageous and cost-efficient than simply a low labor cost can compete. Autumn is a harvest season endorsed by toil and sweat with which to sow and grow in Spring.