Several international institutions have highlighted the structural upgrading of China's foreign trade and the strong resilience of its consumer market as key growth drivers following the release of the country's third-quarter gross domestic product (GDP) data on Monday.
In the third quarter of 2026, China's GDP grew 4.5 percent year on year, according to the data from the National Bureau of Statistics.
In the first three quarters, the country's economy expanded 4.6 percent year on year, the data showed.
During the period, China's imports and exports of industrial robots, electronic components, computer parts and electrical equipment exceeded 10 trillion yuan, up 58.9 percent year on year.
U.S. asset management firm Invesco has noted the steady increase in shares of green and intelligent products in China's exports, which has boosted foreign investors' confidence in the country's stocks markets.
"For global investors, the important shift is that China is becoming less of a traditional macro growth story and more about productivity, technology and corporate earning story. I would focus on three areas: AI technology, advanced manufacturing and the green economy. In A-shares, I see opportunities in areas such as automation, robotics, semiconductors, power equipment, and renewable energy infrastructure," said Zhao Yaoting, a global market strategist at Invesco Asia Pacific.
International institutions are also closely watching structural changes within China's consumer market. KPMG said the increasingly diversified consumer demand in various sectors such as tourism, sports and culture is providing new momentum for the long-term development of the Chinese market.
"Consumers are now mainly shifting from buying products to buying services. Based on value-added tax invoice data during the National Day holiday, average daily invoicing for service consumption rose 19.5 percent, with cultural tourism and sports both posting double-digit growth. Overall, China's consumer market is no longer driven mainly by prices, but by new drivers such as an expanding consumer base, diversified consumption scenarios and quality improvement," said Wu Xuchu, vice chairman of KPMG China.
A report by Moody's Ratings showed that in the first three quarters, China's consumer market posed a trend of becoming more rational and experience-oriented, with service consumption and online consumption maintaining rapid growth.
As policy support remains in place, the world's second largest economy is expected to achieve more sustainable and balanced growth, the report said.
"We believe China's consumer market still has strong resilience. Service consumption is showing a positive trend, and its continued development can boost employment in the service sector. From a credit perspective, consumer-related industries and companies that can offer more cost-effective and more innovative products and unique consumption experiences, and those able to integrate online and offline channels, will be able to maintain their revenue, profitability and market position," said Li Xiujun, vice president of Moody's Ratings.
Int’l institutions see upgraded foreign trade, resilient consumption as key drivers of Chinese economy
