China’s economy grows faster than forecast after AI boom boosts exports
Summary
China’s economy grew by 4.5% in the third quarter of 2024, faster than expected, mainly due to strong exports. Factory production grew quickly, helped by demand for AI-related electronics, while consumer spending remained weak.Key Facts
- China’s GDP grew 4.5% from July to September 2024, higher than the 4.3% growth in the previous quarter.
- Industrial production rose 5.5% in September; retail sales increased only 1.1%.
- Exports surged by more than 33% in September, driven by AI and technology products.
- Manufacturing output increased by 6% year-on-year in September, boosted by electronics and autos.
- Fixed-asset investment dropped 7.2% in the first nine months of 2024.
- Property investment fell sharply by 20.6%, and spending on infrastructure stayed weak.
- Growth was supported by the global AI and tech boom despite conflicts like the Iran situation and weak domestic spending.
- Coal mines resumed operations after safety inspections, helping industrial production grow.
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