China’s 4.5% GDP rebound is being carried by factories, not consumers

China’s economy grew faster in Q3, but the rebound is being carried by exports and factories rather than domestic demand. GDP rose 4.5% year over year, beating the 4.4% forecast and improving from 4.3% in Q2.

September industrial output increased 5.5%, with high-tech manufacturing up 15.3% year over year. Private investment, consumer demand, and real estate remained weak, leaving the recovery heavily dependent on industrial production.