00:01China said on Monday its economy expanded 4.5 percent between July and September from a year
00:08earlier, driven by strong exports. It's a record that moves the country closer to its annual growth
00:14targets just as trading partners press harder to narrow their deficits with Beijing. After a 36
00:21percent jump in exports last month and a $938 billion surplus for January to September,
00:27China is on course to top last year's record $1.2 trillion trade surplus. Higher U.S. tariffs
00:35have dented bilateral trade, pushing Chinese exporters towards Southeast Asia, Latin America
00:41and Europe. High-tech goods, including semiconductors and hybrid and electric vehicles,
00:47are leading the growth. But there have also been issues. Output expanded quickly while
00:52consumption lagged, as much of it is sold abroad at competitive prices. Domestic demand has softened
00:59weight down by a years-long property slump that has eroded household wealth and pushed up savings.
01:06Beijing's partners fear that cheaper Chinese imports threaten their own domestic industries,
01:11especially for electric vehicles. The European Union struck a deal this month to roughly half
01:17Chinese hybrid vehicle imports over the next few years, after Chinese exports to the EU rose 16%
01:24in the first nine months of the year.
