China on Monday said its economy grew 4.5% 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 accelerated from the 4.3% 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%-5%, down from last year’s 5% expansion. Earlier this month, the International Monetary Fund trimmed its forecast for China’s 2026 economic growth to 4.5%, just meeting the lower end of Beijing’s goal.
China’s domestic demand has weakened, weighed on by a yearslong downturn in its property market that has squeezed household wealth and driven up savings.
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Still, with strong exports being one of the few bright spots, China is on track to surpass last year’s record $1.2 trillion trade surplus globally, after logging a 36% growth in exports last month and already a $938 billion surplus between January and September.
For many of its trade partners, they fear their domestic industries and economies are facing growing threats from the surge of lower-cost Chinese manufactured imports.
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