China’s economy grew 4.5% year on year in the July-September quarter, powered by robust exports.

That beat the 4.3% growth of the April-June quarter, the slowest expansion in more than three years.

Beijing’s target for the year is 4.5% to 5%. The IMF recently trimmed its 2026 forecast to 4.5%.

Exports grew 36% last month, and China built a $938 billion trade surplus from January to September.

China is on track to beat last year’s record $1.2 trillion surplus, sharpening trade tensions with partners.

Economist Max Zenglein said the headline figure masks widening disparities across industries, regions and households.

Domestic demand is weak after a yearslong property downturn squeezed household wealth and raised savings.

Fixed-asset investment fell 7.2% in the first three quarters, and real estate development investment dropped 20.6%.

Read the full article for more details on China’s third-quarter growth.