China's third-quarter economic growth quickens to 4.5% as exports surge, beating estimates
China's economic growth accelerated in the third quarter, as foreign demand for the country's technological goods largely offset sluggish consumer demand.
TL;DR
- China's Q3 economic growth reached 4.5%, exceeding forecasts of 4.4%.
- Strong foreign demand for technological goods boosted the economy, offsetting property slump and weak consumer demand.
- Retail sales grew 1.1% and industrial output increased 5.5% in September.
- Fixed asset investment in urban areas declined 7.2% in the first nine months, with real estate investment falling 20.6%.
- Producer prices rose 5% in September, while consumer inflation remained below 1%.
- Economists expect the People's Bank of China to hold benchmark lending rates unchanged, relying on fiscal measures for support.
- Chinese authorities have increased fiscal support, including rate cuts, mortgage subsidies, and debt quota allocation.