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China’s economic growth picked up in the three months to the end of September, rebounding from a three-year low as the artificial intelligence (AI) boom helped boost exports.<\/b><\/p>\n
The world’s second largest economy grew by 4.5% in the third quarter, up from 4.3% in the previous period but below the 5% expansion recorded from January to March, according to official Chinese data.<\/p>\n
The latest figure is at the bottom end of Beijing’s annual growth target of 4.5%-5%, which analysts have said gives policymakers room to address the country’s economic challenges.<\/p>\n
Exports have helped offset weak spending at home, but global trade tensions and uncertainty over AI investments are clouding its outlook.<\/p>\n
China’s National Bureau of Statistics said on Monday that the economy “sustained steady development against pressure” and showed “momentum with new growth drivers and improving structure”.<\/p>\n
With exports climbing, China’s trade surplus – the amount of goods and services it sells abroad compared to what it buys from other countries – is on track to overtake the record $1.2tn (\u00a3900bn) seen last year.<\/p>\n
But property investment fell by more than 20% in the first nine months from the same period last year, official data also showed.<\/p>\n
Oxford Economics researcher Sheana Yue said manufacturing and high-tech exports have boosted China’s growth, despite weak investment and domestic spending.<\/p>\n
China’s economy has struggling to shake off a long-running property slump, after years of overbuilding and excessive borrowing by private developers.<\/p>\n
There are still no signs that this trend will end soon, Yue said.<\/p>\n
Trade uncertainties and geopolitical issues have also made Chinese consumers more “pessimistic” and unwilling to spend, she added.<\/p>\n<\/div>\n