CONNECT WITH US
Social Media

Social Media

China's economic growth picks up as AI boom boosts exports

BBC News – Social Media logo

Published on

Add as a preferred source on Google
China's economic growth picks up as AI boom boosts exports

China's economic growth picked up in the three months to the end of September, rebounding from a three-year low as the artificial intelligence (AI) boom helped boost exports.

The world's second largest economy grew by 4.5% in the third quarter, up from 4.3% in the previous period but below the 5% expansion recorded from January to March.

The latest figure is at the bottom end of Beijing's annual growth target of 4.5%-5%, which analysts have said gives policymakers room to address the country's economic challenges.

Exports have helped offset weak spending at home, but global trade tensions and uncertainty over AI investments are clouding its outlook.

China's National Bureau of Statistics said on Monday that the economy "sustained steady development against pressure" and showed "momentum with new growth drivers and improving structure".

With exports climbing, China's trade surplus - the amount of goods and services it sells abroad compared to what it buys from other countries - is on track to overtake the record $1.2tn (£900bn) seen last year.

But property investment fell by more than 20% in the first nine months from the same period last year, official data also showed.

China's economy has struggling to shake off a long-running property slump, after years of overbuilding and excessive borrowing by private developers.

'Investing in people': Can China's new push to boost spending revive the economy?

The technology industry has been a key driver of China's growth in recent quarters.

Global demand for computer chips and other components used to build AI data centres has helped to ease pressure on Beijing and cushion the impact of sluggish domestic consumption.


Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.