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World’s second-largest economy on track to meet Beijing’s 2026 growth target, though consumer spending lags behind factory output
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Roaring exports lifted China’s economic growth in the third quarter despite lacklustre consumer spending, lagging far behind factory output.
The headline GDP number tells you the economy is still moving forward; the internals tell you the factory floor is doing most of the running while households, property and investment are still somewhere behind looking for their shoes.
Contracting fixed investment and another deep property decline leaves the domestic economy badly out of step with the factory sector.
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