China's GDP grew 4.5% in the third quarter, beating the 4.4% forecast and rebounding from multi-year lows, while growth reached 4.6% over the first nine months. Booming exports, which rose by more than a third, offset weak consumer spending and a prolonged property downturn, putting China on track to surpass last year's US$1.2 trillion trade surplus. September retail sales rose 1.1% and industrial output 5.5%, but fixed-asset investment fell 7.2% in January–September and unemployment eased to 5.2%. Analysts expect China to meet its 4.5%–5.0% 2026 target without extra stimulus, though ANZ and Societe Generale warned of trade tensions and reliance on exports. The yuan rose to its strongest level since July 2022 after the data.
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