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China's economy grows 4.5% in third quarter, beating forecasts

Official data showed growth picked up from the spring quarter's pace, driven by exports tied to AI demand, while domestic consumer spending stayed weak.

By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .

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What happened

China's economy expanded 4.5% year on year in the July-September quarter, beating expectations and speeding up from 4.3% in April-June, according to the National Bureau of Statistics. Growth was carried by exports linked to the artificial intelligence boom, while domestic demand and property remained weak. Markets responded with gains, and the yuan rose to a four-year high against the U.S. dollar.

Timeline

  1. Oct 18, 10:48 PM ET: China's growth accelerated to 4.5% in the third quarter, beating expectations, with exports under growing pressure as domestic demand stayed weak.
  2. Oct 19, 1:06 AM ET: The yuan strengthened to a four-year high against the U.S. dollar after the stronger-than-expected data eased stimulus concerns, with investors awaiting policy signals.
  3. Oct 19, 10:02 AM ET: China is expected to hold its benchmark lending rates for a 17th straight month, as the strong GDP data reduces the likelihood of near-term easing.

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