{"text":[[{"start":8.06,"text":"China’s economic growth picked up pace in the third quarter, as rapidly expanding exports supercharged by the AI boom offset weak retail spending and investment."}],[{"start":19.72,"text":"GDP grew 4.5 per cent in the three months to September compared with a year earlier, exceeding the median forecast of 4.4 per cent from analysts polled by Bloomberg and 4.3 per cent growth in the previous three-month period, which was the lowest rate in years."}],[{"start":36.52,"text":"For the nine months of the year to September, growth was 4.6 per cent, the National Bureau of Statistics reported on Monday, thanks to a stronger rate in the first quarter. China’s official full-year growth target is 4.5-5.0 per cent."}],[{"start":null,"text":"
"}],[{"start":52.2,"text":"China’s leadership is grappling with a two-speed economy, with the AI boom and investment in high-tech industries and manufacturing driving strong exports while a prolonged property sector slump has undermined domestic demand."}],[{"start":65.02,"text":"But a rapidly growing trade surplus, which is on track to exceed last year’s record level of $1.2tn, has created friction with trading partners, particularly the EU."}],[{"start":75.56,"text":"Industrial production rose 5.5 per cent in September year on year, up from 5.2 per cent in August and matching the median analyst forecast of 5.5 per cent."}],[{"start":86.04,"text":"Retail sales, seen as an indicator of consumption, increased 1.1 per cent in September year-on-year, compared with 0.4 per cent in August, beating analyst forecasts of 0.5 per cent growth."}],[{"start":null,"text":""}],[{"start":98.32,"text":"“The key macroeconomic message is that China’s economy is still supply/production-side driven,” said Yuhan Zhang, principal economist at the Conference Board’s China Center."}],[{"start":108.4,"text":"“This supports near-term growth and industrial upgrading, while continued efforts to strengthen household consumption, services demand and consumer confidence would make the recovery more balanced and sustainable,” he added."}],[{"start":122.4,"text":"He said investment data showed that China’s growth increasingly relied on what the government calls “new productive forces”, especially advanced manufacturing."}],[{"start":131.72,"text":"“Equipment manufacturing and high-tech industries remain strong because robust industrial policy support from the central level is encouraging investment in strategic sectors,” Zhang added."}],[{"start":140.74,"text":"Fixed asset investment declined 7.2 per cent year on year in the first nine months of 2026 in line with a drop of 7.2 per cent as of August but slightly stronger than the median analyst forecast for a 7.3 per cent decline."}],[{"start":162.44,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1792383606_6160.mp3"}