China's economy grew 4.5% year-on-year in the third quarter, up from 4.3% in the second, boosting confidence that it will meet its full-year growth target; growth for the first three quarters was 4.6%, within the 4.5-5% target range. Industrial output rose 5.1%, with equipment manufacturing up 10.2% and high-tech manufacturing up 14.3% over the first three quarters, while new growth drivers contributed more than 40% of growth. Retail sales rose 1.1% in September, the fastest pace since March, but fixed-asset investment still fell 7.2% in the first three quarters. Analysts expect a further pickup in the fourth quarter, though they caution that the recovery in domestic demand remains tentative and needs targeted policy support.
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