China's gross domestic product rose 4.5% year on year in the third quarter, the National Bureau of Statistics said Monday, up from 4.3% in the second.
By the numbers: GDP for the first three quarters reached 107,107.1 billion yuan, up 4.6% at constant prices. Third-quarter output rose 1.2% from the second quarter, per the statistics bureau.
Zoom in: Trade carried the quarter. September imports and exports jumped 27.5% year on year, with exports alone up 29.6%, accelerating 7.7 points from August.
- Over nine months, exports of mechanical and electrical products grew 23.7% and made up 64.3% of all exports. Output of lithium-ion batteries rose 39.5% and industrial robots 29.1%.
Yes, but: Domestic demand stayed soft. Fixed-asset investment fell 7.2% over nine months, real estate development investment dropped 20.6%, and retail sales of consumer goods crept up just 1.1%.
Between the lines: The beat eases pressure on Beijing to add aggressive stimulus, Reuters reported, because the annual growth target is now in reach without it.
- Per capita disposable income rose 5.3% in nominal terms and 4.4% after prices, with rural incomes up 6.3% against 4.5% in cities.
Why it matters: A Chinese economy running on record exports while its own consumers hold back pushes more goods into world markets, which lands in US and European trade politics and in the price of everything from batteries to robots.
What's next: The bureau said insufficient domestic demand "remains prominent" and that the foundation for steady growth still needs consolidating, language that usually precedes more support measures.
