China's Q3 GDP grows 4.9% y/y, beats market forecast

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Grandpere’s love builds a Viking ship in West Pubnico | SaltWire - China's economy grew at a faster-than-expected clip in the third quarter from a year earlier, official data showed on Wednesday, suggesting the recent recovery may carry enough steam to reach Beijing's full-year growth target.

On a quarter-by-quarter basis, GDP grew 1.3% in the third quarter, accelerating from a revised 0.5% in the second quarter, and the rate was above the forecast for growth of 1.0%. "The data was stronger than expected, putting China on track to reach the government's target of 5% growth. Retail sales improved, though markets are still cautious of the recovery with the yuan still trading close to the weak end of PBOC's fixing band.""It seems that all of that stimulus is finally beginning to take effect, with a broad beat from growth, retail sales, industrial production and unemployment. Fixed asset may have disappointed, but you rarely get them all.

* China's exports and imports have continued to decline, although at a slower pace. And while bank lending has jumped, persistent deflationary pressures underline the challenges policymakers face in trying to revive activity.

 

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