China's Q3 GDP Up 4.5% on Trade, High-Tech

China's economy expanded 4.6 percent year on year in the first three quarters this year to 107.1 trillion yuan (US$15.1 trillion), with third-quarter growth at 4.5 percent, the National Bureau of Statistics said on Monday.

Foreign trade was the standout drive. Imports and exports rose 18.8 percent to 39.9 trillion yuan (US$5.6 trillion) in the first nine months, customs data showed, with exports up 16.4 percent and imports rising 22.3 percent. The pace quickened into September, when total trade surged 27.5 percent.

Industry kept a fast pace. Value added of industrial enterprises above designated size grew 5.3 percent in the first three quarters. Equipment manufacturing expanded 10.2 percent and high-tech manufacturing 14.3 percent, 4.9 and 9 percentage points faster than the industrial average, respectively.

Output of 3D printing equipment soared 62.5 percent, lithium-ion batteries 39.5 percent and industrial robots 29.1 percent. September output rose 5.5 percent, 0.3 percentage point faster than August, and the manufacturing PMI (purchasing managers' index) returned to expansion at 50.1.

However, domestic demand told a different story. Retail sales rose just 1.1 percent to 37 trillion yuan, as goods retail edged up 1 percent while service retail – including telecommunications, travel and leisure – grew 5 percent. September sales picked up modestly, growing 1.1 percent, 0.7 percentage point faster than August.

Investment remained the weakest link. Fixed asset investment fell 7.2 percent to 33.4 trillion yuan, dragged by a property sector in deep retreat: real estate development investment plunged 20.6 percent and the value of new commercial home sales dropped 13.9 percent.