China's third-quarter growth quickens to 4.5% on export surge

Summarised from 2 outlets · Updated 19 Oct, 03:31 · Archive

China's economy grew 4.5% in the third quarter, beating forecasts as exports surged despite weak domestic demand.

China's economic growth accelerated to 4.5% in the third quarter from a year earlier, exceeding economist forecasts of 4.4%. Foreign demand for the country's technological goods largely offset a deepening property slump and sluggish consumer demand. Growth through the first nine months averaged 4.6%, near the lower end of Beijing's official target range of 4.5% to 5%.

Fixed asset investment in urban areas fell 7.2% in the first nine months compared with the same period a year earlier. In September, retail sales grew 1.1%, exceeding forecasts for 0.6%, whilst industrial output grew 5.5% year-on-year, in line with expectations. The urban unemployment rate stood at 5.2% in September.

Beijing has leaned heavily on exports for growth, but that engine faces pressure as investment in AI-related sectors cools and trade tensions with the European Union escalate. Chinese authorities stepped up policy support in late September with targeted rate cuts and mortgage subsidies, and in early October allocated 550 billion yuan of unused debt quota to local governments.

How it is being reported

• China's third-quarter economic growth quickens to 4.5% as exports surge, beating estimatesCNBC · 19 Oct, 03:22
• China’s economy expands 4.5% in third quarterStrong exports buoy growth as domestic demand lagsFinancial Times · 19 Oct, 03:19

In this story: China · Beijing · European Union · People's Bank of China

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