China defies property black hole…for now


Goldman with the details of the GDP release:

China’s Q3 GDP and September retail sales data beat market expectations, suggesting continued improvement in sequential growth momentum from Q2’s low. Real GDP growth recorded +4.9% yoy in Q3, stronger than market consensus but in line with our forecast.

Year-on-year growth in retail sales improved in September, led mainly by stronger growth in offline goods sales and Covid-sensitive restaurant sales on favorable base effects.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.