China's GDP grew 4.5% year on year in the third quarter

China's National Bureau of Statistics released nine-month data on October 19: third-quarter GDP grew 4.5% year on year and 1.2% quarter on quarter, while output for the first three quarters reached 107.1 trillion yuan and grew 4.6%. Equipment and high-tech manufacturing value added rose 10.2% and 14.3%, and goods exports grew 16.4%, providing major support. Retail sales increased only 1.1%, fixed-asset investment fell 7.2% and real-estate development investment dropped 20.6%, showing continued pressure on domestic demand and investment. CPI rose 0.9% and the surveyed urban unemployment rate averaged 5.2%. Growth is near the 4.5%-to-5% annual target, but the official release also says insufficient domestic demand and the foundation for stable growth remain concerns.