China's economy grows 4.5 per cent in third quarter

Summarised from 2 outlets · Updated 19 Oct, 04:31 · Archive

China's economy grew 4.5 per cent in the third quarter, beating expectations and moving closer to its annual growth target.

China's economy expanded 4.5 per cent year-on-year in the third quarter, according to data released Monday by the National Bureau of Statistics. This represents acceleration from 4.3 per cent growth in the April-June period, which had been the slowest expansion in more than three years. The result brings China closer to meeting its official annual growth target of 4.5 to 5 per cent, down from last year's 5 per cent expansion.

Growth remains uneven across the economy. Exports surged, rising 21.3 per cent year-on-year in dollar terms during the first nine months of the year, and China exported around $938 billion more in goods than it imported. This huge trade surplus is causing tensions with major trading partners, particularly in Europe, where concerns are growing that cheap Chinese products are pressuring domestic manufacturers.

Domestically, however, the picture is weaker. Consumers remain reluctant to spend and investment remains sluggish. The property crisis continues to weigh on the economy as falling housing prices undermine consumer confidence and developers cut back investment. Local governments are also struggling with declining revenue from land sales, hampering economic recovery.

How it is being reported

• China's economic growth picks up in third quarterChina's economy grew slightly faster in the third quarter, beating economists' expectations and moving closer to meeting its official annual growth target.The West Australian · 19 Oct, 04:07
• China's economic growth picks up in third quarterChina's economy grew slightly faster in the third quarter, beating economists' expectations and moving closer to meeting its official annual growth target.Perth Now · 19 Oct, 04:07

In this story: China · National Bureau of Statistics · International Monetary Fund · Europe

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