China's economic growth picks up in third quarter, beating expectations
FXI•China's economy grew 4.5% year on year in the third quarter, above the 4.4% forecast and up from 4.3% in the previous quarter. Growth for January-September was 4.6%, within the government's 4.5%-5.0% annual target range.
1. Growth accelerates
China's economy expanded 4.5% year on year in the third quarter, beating the 4.4% forecast and improving from 4.3% in April-June. On a quarterly basis, growth accelerated to 1.2% from 0.9%, also above expectations.
2. Demand remains uneven
September retail sales rose 1.1%, the fastest growth since March, while industrial output increased 5.5%, its quickest pace in six months. Fixed-asset investment fell 7.2% in the first nine months, and property investment declined 20.6%.
3. Policy support expands
Beijing expanded support for home buyers and directed cheaper credit toward infrastructure and technology. It also allocated 550 billion yuan in unused government debt quotas and expanded fiscal support, but infrastructure investment still shrank 4.2%.
