China’s economy grew 4.5 per cent for the July-September quarter from a year ago, moving closer to meeting its official annual growth target as the year nears its end.
The better-than-expected official data released on Monday by the National Bureau of Statistics in Beijing showed the economy accelerated from the 4.3 per cent year-on-year growth recorded in the April-June period, the slowest expansion in more than three years.
For the whole year, Chinese leaders have set a growth target of 4.5 per cent to five per cent, down from last year’s five per cent expansion.
Earlier in October, the International Monetary Fund trimmed its forecast for China’s 2026 economic growth to 4.5 per cent, just meeting the lower end of Beijing’s goal.
Despite the stronger growth, China’s economy remains uneven, with booming exports contrasting with weak domestic demand.
Exports rose by 21.3 per cent year-on-year in US dollar terms during the first nine months, according to Chinese customs data.
The country exported around $US938 billion ($A1.3 trillion) more in goods than it imported during the period.
The huge trade surplus is increasingly causing tensions with major trading partners, particularly in Europe, where concerns are growing that cheap Chinese products are putting domestic manufacturers under pressure.
At home, meanwhile, consumers remain reluctant to spend, while investment remains sluggish.
The prolonged property crisis continues to weigh on the economy, with falling housing prices undermining consumer confidence and developers cutting back on investment.
Local governments are also struggling with declining revenue from land sales, further hampering economic recovery.
with dpa
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