China's economy grows 4.5% in third quarter on export strength
Summarised from 2 outlets · Updated 19 Oct, 04:01 · Archive
China reported 4.5% economic growth in the July-September quarter, driven by strong exports.
China on Monday reported 4.5% economic growth for the July-September quarter from a year ago, accelerating from the 4.3% recorded in April-June. The figure brings China closer to meeting its official annual growth target of 4.5%-5%, down from last year's 5% expansion.
Strong exports drove the growth, particularly in high-tech sectors such as semiconductors and hybrid and electric vehicles. China logged 36% growth in exports last month and recorded a $938 billion surplus between January and September. The country is on track to surpass last year's record $1.2 trillion global trade surplus. U.S. tariffs on Chinese goods have prompted China to redirect trade towards Southeast Asia, Latin America and Europe.
However, economists caution that headline growth figures mask underlying weaknesses. Max Zenglein, Asia Pacific senior economist at The Conference Board, said the official figure is becoming 'an increasingly poor indicator of how the broader economy is performing' because it masks 'widening disparities across industries, regions, and households'. China's domestic demand has weakened as a yearslong property market downturn has squeezed household wealth and driven up savings.
How it is being reported
- China's economy grew 4.5% in the previous quarter, fueled by robust exportsChina says its economy grew 4.5% for the July-September quarter from a year ago, moving closer to meeting its official annual growth target as the year nears its end.Clickorlando · 19 Oct, 03:10
- China's economy grew 4.5% in the previous quarter, fueled by robust exportsChina says its economy grew 4.5% for the July-September quarter from a year ago, moving closer to meeting its official annual growth target as the year nears its end.News4Jax · 19 Oct, 03:10
In this story: China · International Monetary Fund · The Conference Board · Max Zenglein
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