China's economy grew 4.5% in the third quarter, exceeding market forecasts.
China's National Bureau of Statistics said on the 19th that gross domestic product rose 4.5% from a year earlier in the third quarter. That beat the 4.4% consensus estimate compiled by Reuters and Bloomberg.
Quarterly growth came in at 5.0% in the first quarter but slowed to 4.3% in the second, the weakest pace in about three years, or since the fourth quarter of 2022.
China has set a growth target of 4.5% to 5% for this year. GDP for the first three quarters totaled 107.1 trillion yuan (approximately 21 quadrillion won), up 4.6% from a year earlier.
With growth for the first three quarters within the annual target range, some analysts said authorities face less pressure to roll out aggressive stimulus in the fourth quarter.
Despite weak domestic demand, China has sustained strong exports amid the global artificial intelligence boom. Its trade surplus for the January-September period reached $938.11 billion, and some forecasts suggest the figure could top $1 trillion as early as the release of October data.
China could set a record trade surplus this year, after posting $1.1889 trillion last year, though escalating friction with trading partners including the European Union remains a challenge.
Industrial output and retail sales last month were also relatively solid. September industrial production rose 5.5% from a year earlier, the fastest pace since March, when it grew 5.7%. That exceeded August's 5.2% increase and matched the 5.5% consensus estimate compiled by Reuters.
Retail sales, a gauge of consumption, rose 1.1% in September from a year earlier, also the strongest growth since March, when they gained 1.7%. That topped August's 0.4% rise and the 0.6% consensus estimate compiled by Reuters.
Fixed-asset investment for the January-September period fell 7.2% from a year earlier, the same rate of decline as in the January-August period. Fixed-asset investment excluding property development dropped 4.2%, while investment in intellectual property products rose 9.3%.
Property development investment for the first nine months fell 20.6% from a year earlier.
The statistics bureau said the Chinese economy "held up under pressure and moved steadily" in the January-September period, adding that "production and supply grew relatively quickly, foreign trade posted solid growth, and employment and prices were largely stable." It said industrial output rose 5.3% over the nine months, with "clear support from equipment manufacturing, up 10.2%, and high-tech manufacturing, up 14.3%."