China's economy grew by 4.5 percent in the third quarter
While artificial intelligence and an export boom supported China's third-quarter growth, the slump in the real estate crisis continues.
China's economy recorded a growth rate of 4.5 percent in the third quarter as the increase in artificial intelligence exports offset weakness in domestic demand and the real estate crisis.
According to official data from China, the world's second-largest economy grew by 4.5 percent year-on-year in the three-month period up to the end of September. This rate is at the lower bound of the annual target range of 4.5 to 5 percent set by the Beijing administration.
Sales of high-tech products increased by 14.3 percent, while the production of batteries and industrial robots rose by more than 29 percent. In contrast, real estate investments in the first nine months decreased by more than 20 percent compared to the same period last year, and the protracted real estate crisis continued to negatively impact domestic consumption.