The world’s second-largest economy recorded growth of 4.8 percent compared to the same period in 2024, its weakest growth rate in a year, official data showed on Monday.
The data comes after China introduced comprehensive controls on the export of rare earth minerals, key to global electronics production, a move that shook a fragile trade truce with the US, the BBC writes.
Gross domestic product (GDP) growth in the third quarter will set the tone for a gathering of China’s top leaders this week, where the country’s economic plan for 2026-2030 will be discussed. Growth of 4.8 percent in the third quarter represented a slowdown from 5.2 percent in the previous three months to July.
China’s National Bureau of Statistics said the economy is showing strong resilience and vitality despite the pressures. They cited the technology sector and business services as key drivers of growth. Beijing has set an economic growth target of around five percent for this year and has so far avoided a sharp downturn, thanks to government support measures.
United States President Donald Trump reacted quickly to China’s controls on rare earth minerals by threatening additional tariffs of 100 percent on imports from China. US Treasury Secretary Scott Bessent said he expects to meet with Chinese officials this week in Malaysia, with the aim of reducing tensions and arranging a meeting between Trump and his Chinese counterpart Xi Jinping.
Before the recent escalation, Chinese companies took advantage of the trade truce with Washington to export goods to the US, which led to an 8.4 percent rise in Chinese exports in September. The total value of imports into China also increased. China’s industrial production rose 6.5 percent last month from a year earlier, with makers of 3D printers, robotics and electric vehicles among the best performers. The services sector, which includes IT support, consulting firms, and transport and logistics companies, also saw growth.
(Vijesti.ba / FENA)
