China's Economy Grew by 4.5%, but Export Surge Raises Concerns Over Global Growth
China's foreign trade surplus for January–September reached $938 billion amid weak domestic demand.
In July–September, China's GDP grew by 4.5% year-on-year. This was higher than the April–June pace, when the economy expanded by 4.3%.
A prolonged downturn in the real estate market has reduced household wealth and prompted residents to save more. Increased U.S. tariffs have limited some bilateral trade, after which China has more actively sought markets in Southeast Asia, Latin America, and Europe.
A goods trade deficit of more than $1.1 billion per day led to an agreement with Beijing to roughly halve imports of Chinese hybrid vehicles over the next few years.
Cornell University economist Eswar Prasad believes that due to its persistent and significant trade surplus, China has transformed from an engine of global economic growth into a factor restraining it. People's Bank of China Governor Pan Gongsheng stated that countries with trade deficits and surpluses must work together to address trade imbalances.
