China\u2019s economic growth picks up in third quarter, beating\nexpectations<\/p>\n
BEIJING: China\u2019s economic growth rebounded to 4.5 per cent\nyear-on-year in the third quarter, beating expectations and easing the\npressure on policymakers to deliver more aggressive stimulus measures to\nmeet the annual target.<\/p>\n
The third-quarter gross domestic product growth rate, released by the\nNational Bureau of Statistics (NBS) on Monday (Oct 19), beat the\nforecast for 4.4 per cent growth in a Reuters poll, and improved from\nthe more-than-three-year low of 4.3 per cent in the April-to-June\nperiod.<\/p>\n
Beijing has leaned heavily on exports for growth this year, but that\nengine faces growing pressure as domestic demand remains weak and trade\ntensions with the European Union escalate.<\/p>\n
China\u2019s strategy of redirecting credit and resources from property\ntowards high-tech industries has created a two-speed economy, where\nstrong factory output and exports mask weak consumption and private\ninvestment.<\/p>\n
For January-September, the economy grew 4.6 per cent, within the\nrange of the government\u2019s annual growth target of 4.5 per cent to 5.0\nper cent.<\/p>\n
On a quarterly basis, the economy expanded 1.2 per cent in the third\nquarter, surpassing expectations for a 1.1 per cent rise and\naccelerating from 0.9 per cent in April-June.<\/p>\n
China\u2019s trade surplus widened more than expected in September as\nexports surged, keeping the country on track to surpass last year\u2019s\nrecord surplus of US$1.2 trillion and likely intensifying trade tensions\nwith major partners.<\/p>\n
A deal with the EU to rein in Chinese hybrid-vehicle shipments could\nweigh on the booming auto trade.<\/p>\n
Beijing has recently expanded support for home buyers, unveiled\nmeasures to steer cheaper credit into sectors including infrastructure\nand technology and allocated 550 billion yuan (US$82.28 billion) in\nunused government debt quotas to ease local governments\u2019 financial\nstrain and expand infrastructure investment.<\/p>\n
Authorities also stepped up fiscal support, including expanding loan\ninterest subsidies for small private firms and consumers and tapping an\n800 billion yuan policy-based financing tool to spur infrastructure\ninvestment.<\/p>\n
Still, infrastructure investment shrank 4.2 per cent.<\/p>\n
Fixed-asset investment declined 7.2 per cent in the first nine\nmonths, dropping at the same pace as in January-to-August period.<\/p>\n
Retail sales grew 1.1 per cent in September, improving from the 0.4\nper cent rise in August and compared with an expected 0.6 per cent rise.\nIt marked the quickest growth since March.<\/p>\n
Property investment fell 20.6 per cent in the first nine months in\nSeptember.<\/p>\n
Policymakers refrained from releasing large-scale stimulus, as strong\ngoods exports, aided by a global AI-fuelled tech boom, should help the\ncountry to reach its annual growth target.<\/p>\n
Industrial output expanded 5.5 per cent in September, accelerating\nfrom the 5.2 per cent growth in August and was in line with\nexpectations. It marked the quickest growth in six months.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/chinas-q3-gdp-growth-accelerates-to-4-5-beating-forecasts-1792378210", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }