SPY•China's economy grew 4.5% year-on-year in the third quarter, beating the 4.4% forecast and accelerating from 4.3% in the previous quarter. Growth was 1.2% quarter-on-quarter, above expectations of 1.1%.
China's GDP grew 4.5% year-on-year in the third quarter, up from 4.3% in the April-to-June period and ahead of analysts' 4.4% forecast. On a quarterly basis, growth accelerated to 1.2% from 0.9%, also beating expectations.
China is targeting annual growth of 4.5%-5%. Authorities recently expanded support for home buyers and introduced measures to direct cheaper credit to sectors including infrastructure and technology, but have refrained from large-scale stimulus.
