China’s economic growth was better than expected in the third quarter, a sign that the government’s stimulus efforts are starting to work. It wasn’t enough to lift U.S.-traded shares of big Chinese firms.
The world’s second biggest economy expanded 4.9% from a year earlier in the July-September period, better than economists had anticipated. On a quarterly basis, growth accelerated to 1.3% from 0.5% in the second three months of the year. China is dealing with a slowing property sector and a sluggish recovery from Covid-19 era lockdowns, which were finally lifted late last year. It looks likely the government can still meet its 5% growth target for 2023, but the outlook is for more subdued expansion than the country is used to for the next few years.
Tension with the U.S. over semiconductors isn’t helping. The U.S. intends to tighten restrictions on artificial intelligence chips sent to China, according to a report last weekend. American Depositary Receipts for JD.com were down 1.2% in premarket trading Wednesday. Alibaba slipped 0.5%, while Meituan was 0.4% lower.
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