What is driving China's growth as spending at home lags?

Official statistics show that annual economic growth picked up over the summer. Gross domestic product accelerated from 4.3% in the second quarter to 4.5% in the third quarter, reaching the low end of the government's 4.5 to 5% target.

Foreign appetite for technology is driving that momentum as global spending on artificial intelligence lifts shipments. That boom helped propel annual export growth from 25% in August to 36.3% in September.

At home, domestic demand remains weak. Closures of small shops and restaurants are rising in central Beijing, leaving vacant units covered by banners that read coming soon as consumer spending remains cautious.

The property slump runs deep: investment in real estate fell 20.6% in the first nine months, and it keeps weighing on household confidence.