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China’s Q3 Economic Growth Accelerates on Robust Exports

China’s Q3 Economic Growth Accelerates on Robust Exports

C2🇨🇳 中文 → 🇺🇸 English

October 19th, 2026

China’s Q3 Economic Growth Accelerates on Robust Exports

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Please note: This article has been simplified for language learning purposes. Some context and nuance from the original text may have been modified or removed.

🇺🇸 English

China said on Monday that its economy grew 4.5% year on year in the July–September quarter, buoyed by robust export performance, bringing it close to achieving its full-year official growth target, even as its trading partners seek to balance their trade deficits with China.

中国周一表示,得益于强劲的出口表现,今年7-9月季度经济同比增长4.5%,已接近实现全年官方增长目标;与此同时,其贸易伙伴正谋求平衡与中国的贸易逆差。

This pace represents an acceleration from the 4.3% year-on-year growth recorded in the April–June quarter, which had been the slowest expansion in more than three years.

这一增速较4—6月季度所录得的4.3%同比增速有所加快,而后者乃是三年多来最为迟缓的扩张速度。

In the first three quarters, China's economy grew 4.6% year on year.

前三季度中国经济同比增长4.6%。

For the year as a whole, China's leaders have set a growth target in the range of 4.5% to 5%, a downward revision from last year's 5% pace.

就全年整体而言,中国领导人已将增长目标设定于4.5%至5%区间,较去年的5%增速有所下调。

Earlier this month, the International Monetary Fund cut its forecast for China's economic growth in 2026 to 4.5%, placing it squarely at the lower end of Beijing's target range.

本月早些时候,国际货币基金组织将中国2026年经济增长预测下调至4.5%,恰处于北京目标区间的低端。

"Domestic demand is weak, while trade growth is robust," said Dave Chia, an economist at Moody's Analytics.

“国内需求疲弱,而贸易增长强劲,”穆迪分析经济学家Dave Chia表示。

He noted that exports are likely to remain strong, yet global trade barriers still constitute a risk that should not be underestimated.

他称,出口或将维持强劲态势,但全球贸易壁垒仍构成一项不容小觑的风险。

The persistent strain on China's domestic demand is in fact attributable to the drag exerted by the property market's protracted slump over several years.

中国国内需求之所以持续承压,实乃房地产市场历经多年低迷拖累所致。

Max Zenglein, senior Asia-Pacific economist at the Conference Board, points out that the official headline growth figures are increasingly becoming "an ever less reliable gauge of overall economic performance."

世界大型企业联合会亚太区高级经济学家Max Zenglein指出,官方总体增长数据正日益沦为“衡量整体经济表现愈发失灵的指标”。

Zenglein stated that the reason for this lies in the fact that the phenomenon obscures "the widening disparities among industries, regions, and households."

Zenglein表示,究其原因,在于这一现象掩盖了“行业、地区和家庭之间不断扩大的差距”。

He added that Beijing is confronting difficult trade-offs, and that managing domestic imbalances may prove more challenging than coping with external pressures.

他补充道,北京正面临艰难的取舍,而管理国内失衡或许比应对外部压力更具挑战性。

On Monday, Mao Shengyong, deputy head of China's National Bureau of Statistics, sounded a warning about the challenges the economy will face going forward.

周一,中国国家统计局副局长毛盛勇对未来经济所面临的挑战发出警示。

"The international environment is complex and volatile, the problem of insufficient domestic demand remains fairly pronounced, and the foundation for stable and improving economic performance still needs to be consolidated," he said at a press conference.

“国际环境复杂多变,国内需求不足问题仍然比较突出,经济稳定向好的基础仍需巩固,”他在新闻发布会上表示。

Exports stand out as one of the few bright spots: after exports rose 36% last month and the trade surplus reached $938 billion from January to September, China is on course to surpass last year's record global trade surplus of $1.2 trillion.

出口堪称少数亮点之一:在上月出口增长36%、1至9月贸易顺差已达9380亿美元之后,中国有望超过去年创纪录的1.2万亿美元全球贸易顺差。

The steep tariffs imposed by the United States have dealt a blow to parts of bilateral US-China trade, forcing China to pivot toward alternative markets spanning Southeast Asia, Latin America, Europe and beyond.

美国加征的高额关税对部分美中双边贸易构成了冲击,迫使中国转而另辟市场,其范围涵盖东南亚、拉丁美洲及欧洲等地。

High-tech exports such as semiconductors and automobiles—including hybrids and electric vehicles—are among the sectors that have driven its export growth this year.

半导体与汽车(含混合动力及电动汽车)等高科技出口,则位列今年拉动其出口增长的领域之中。

As China strives for self-sufficiency to withstand Western export controls and trade uncertainty, it has built up formidable domestic manufacturing capacity in industries such as solar power and electric vehicles, which have benefited from large-scale government subsidies.

在中国力求实现自给自足以抵御西方出口管制与贸易不确定性之际,其已在太阳能和电动汽车等行业构筑起庞大的国内制造产能,而这些行业曾获得政府的大规模补贴。

Yet this capacity has expanded rapidly at a time when domestic consumption is weak, with the result that many products are being exported to overseas markets at highly competitive prices.

然而,在国内消费疲软之时产能却迅速扩张,致使诸多产品以颇具竞争力的价格远销海外市场。

Ecaterina Bigos, a senior market strategist at BNP Paribas Asset Management, points out that a growth model heavily reliant on technology and exports can generate only rather limited employment and broad-based income growth, while the risk of AI-driven labour displacement continues to mount.

法国巴黎银行资产管理公司高级市场策略师Ecaterina Bigos指出,一种高度依赖技术驱动与出口的增长模式所能创造的就业及广泛收入增长均颇为有限,而人工智能驱动劳动力转移的风险则持续攀升。

Numerous trading partners are deeply apprehensive, fearing that their domestic industries and economies are increasingly exposed to the threat posed by low-cost manufactured imports from China.

诸多贸易伙伴忧心忡忡,虑及其国内产业与经济正日益面临源自中国低成本制造进口产品的威胁。

“The world’s second-largest economy is relying on foreign demand to underpin its own growth — a course that is neither tenable nor sustainable,” said Eswar Prasad, a professor of economics and trade policy at Cornell University.

“世界第二大经济体仰赖外国需求来支撑自身增长,此举既不可维持,亦不可持续,”康奈尔大学经济学与贸易政策教授Eswar Prasad表示。

Prasad said that, on the strength of persistent and enormous trade surpluses, China "has become a drag on global economic growth rather than an engine pulling the rest of the world along."

Prasad表示,凭借持续且规模庞大的贸易顺差,中国“已然沦为世界经济增长的拖累,而非拉动世界其他地区的引擎”。

The European Union ranks among those economies most eager to narrow their trade imbalance with China.

欧盟堪称亟欲缩减对华贸易失衡的经济体之一。

This bloc of 27 nations runs a daily trade deficit with China exceeding $1.1 billion.

这个由27国组成的集团,每日对华贸易逆差逾11亿美元。

In the first nine months of this year, China's exports to the EU grew by 16%.

今年前九个月,中国对欧盟出口增长16%。

This month the EU reached an agreement with China to roughly halve imports of Chinese hybrid vehicles over the coming years; in light of this, EU countries are now contemplating further restrictive measures against China.

本月欧盟与中国达成协议,将在未来几年将中国混合动力汽车进口量大致减半;有鉴于此,欧盟国家正酝酿对中国采取更多限制性措施。

Gary Ng, a senior Asia-Pacific economist at Natixis, remarked that China could cooperate with other countries on disputes and would hope to preserve its market access.

法国外贸银行亚太区高级经济学家Gary Ng表示,中国可以就争端与其他国家展开合作,并期望维持其市场准入。

By striking a deal with the EU over hybrid vehicles, for instance, China might still, over the longer term, sell more Chinese-made products while averting across-the-board tariff hikes.

例如,通过与欧盟就混合动力汽车达成协议,从长远来看,中国或仍能销售更多中国制造产品,同时避免全面加征关税。

Lynn Song, chief economist for Greater China at ING, said that even if China and the EU were to reach an agreement, "the trade imbalance would be very difficult to resolve quickly."

荷兰国际集团大中华区首席经济学家Lynn Song表示,即便中国与欧盟达成了协议,“贸易失衡也很难迅速解决”。

Policymakers contend that the renminbi is undervalued against both the dollar and the euro, thereby fuelling China's persistently widening trade surplus, even though the country's central bank rejects such assertions.

政策制定者称,人民币兑美元及欧元汇率被低估,从而助长了中国持续扩大的贸易顺差,尽管中国央行对上述说法予以否认。

Bigos noted: "We may witness sustained resistance, escalating protectionism, and enduring pressure emanating from economies across the globe to shield their industries and jobs—particularly in high-value sectors."

Bigos指出:“我们或将目睹持续性的抵制、不断攀升的保护主义,以及源自全球各经济体的、要求对其产业与就业加以庇护的持久压力,在高价值领域尤为如此。”

China insists that it does not seek large-scale trade surpluses.

中国坚称其并不谋求大规模贸易顺差。

Pan Gongsheng, the central bank governor, said on Friday that countries running trade deficits and those running trade surpluses ought to work together in concert; China, as a responsible country, is resolutely committed to expanding domestic demand.

央行行长潘功胜周五表示,存在贸易逆差的国家与存在贸易顺差的国家理应携手共进;中国作为一个负责任的国家,矢志于扩大内需。

October 19th, 2026

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