China Q3 GDP Grows 4.5% as AI Hardware Exports Offset 20% Property Investment Drop

China's economy grew by 4.5% in the third quarter through the end of September, rebounding from a three-year low of 4.3% in the second quarter, according to official Chinese data released on Monday. The third-quarter pace remained below the 5% expansion recorded from January to March and sits at the bottom end of Beijing's 4.5%-5% annual growth target. Global demand for computer chips and components used in artificial intelligence data centers drove high-tech and manufacturing exports, helping cushion the impact of weak domestic consumer spending. With exports rising, China's trade surplus is projected to surpass last year's record of $1.2T (£900B). Domestic structural challenges persisted alongside the export growth, with official data showing property investment fell by more than 20% in the first nine months of the year compared to the same period last year. Weak wage growth, high youth unemployment, and a prolonged property slump continued to weigh on domestic consumption despite September support measures that included lower business interest rates and subsidies for property buyers. Beijing also faces trade pressure from the US and European Union over low-cost Chinese goods, alongside broader market questions over whether billions of dollars in global AI infrastructure spending will generate the promised returns. "sustained steady development against pressure" — China's National Bureau of Statistics.