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China's third-quarter economic growth quickens to 4.5% as exports surge, beating estimates
CNBC • • business
Key Points:
- China's GDP growth accelerated to 4.5% in the third quarter, slightly surpassing economists' forecasts and improving from 4.3% in the second quarter, driven mainly by strong foreign demand for technological goods.
- Despite the growth, domestic consumption and private investment remain weak, with fixed asset investment in urban areas declining 7.2% in the first nine months and retail sales growing modestly by 1.1% in September.
- Industrial output rose 5.5% year-on-year in September, while the urban unemployment rate held steady at 5.2%.
- The Chinese government has implemented policy support measures, including targeted rate cuts, mortgage subsidies, and allocation of unused debt quotas to local governments, to sustain growth amid cooling AI investment and escalating trade tensions with the EU.
- Economists expect the People's Bank of China to keep benchmark lending rates steady for the remainder of the year, relying primarily on fiscal policies to support the economy.
