China's Q3 GDP growth beats expectations, signaling economic recovery

China's economy grew at a faster-than-expected pace in the third quarter, with Q3 GDP growth at 4.9% year-on-year, beating analysts' expectations. The data also showed an acceleration in consumption and industrial activity in September, indicating that the recent stimulus measures are starting to have a positive impact on the economy. However, challenges remain, including a property crisis and other headwinds that pose risks to the outlook. The government's full-year growth target of around 5.0% for 2023 is likely to be achieved, and international banks have upgraded their growth forecasts. The property sector continues to be a concern, with deepening downturns affecting developers and private sector confidence. Efforts to support the sector have not been successful so far.