Roaring exports lifted China\u2019s economic growth in the third quarter of this year, with factory output growing much faster than consumer spending.<\/p>\n
China\u2019s GDP grew by 4.5% year-on-year between July and September, the National Bureau of Statistics of China reported on Monday. The figures were better than economists had expected and up from the second quarter\u2019s growth rate of 4.3%.<\/p>\n
China\u2019s economy has now grown by 4.6% in the first nine months of the year, putting it on track to hit the government\u2019s 2026 target of 4.5%-5% growth without extra stimulus measures.<\/p>\n
Industrial production rose 5.5% in September, up from 5.2% in August, while retail sales only increased 1.1%, up from 0.4%.<\/p>\n
Duncan Wrigley, the chief China economist at Pantheon Macroeconomics, said Beijing\u2019s policymakers were likely to conclude that their efforts to stabilise headline growth in the third quarter were successful.<\/p>\n
\u201cHeadline industrial production rose in September partly as coalmines resumed operations after safety inspections prompted by a major accident. Manufacturing output growth remained robust at 6.0% year on year in September, buoyed up by stronger export demand for electronics, AI-related equipment and autos,\u201d Wrigley said.<\/p>\n
\u201cHi-tech manufacturing output continues to outperform traditional sectors, as China climbs the value-added ladder,\u201d Wrigley added.<\/p>\n
However, fixed-asset investment fell 7.2% over the first nine months, property investment tumbled by 20.6%, and infrastructure spending remained weak.<\/p>\n
Data last week showed that China\u2019s exports surged by more than a third in September, lifted by a rise in shipments of electronics related to AI.<\/p>\n
\u201cThis pickup in GDP growth mainly reflects ongoing export strength on the global AI\/tech boom, more than offsetting drags from the Iran conflict and ongoing weakness in domestic demand,\u201d said analysts at ABN Amro.<\/p>\n","protected":false},"excerpt":{"rendered":"Roaring exports lifted China\u2019s economic growth in the third quarter of this year, with factory output growing much…\n","protected":false},"author":2,"featured_media":933830,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[64,63,99,164],"class_list":["post-933829","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-au","tag-australia","tag-business","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/933829","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=933829"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/933829\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/933830"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=933829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=933829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=933829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}