China's economy grew 4.5% in the third quarter from a year earlier, beating the 4.4% forecast of economists polled by Reuters and accelerating from the second quarter's 4.3%, the National Bureau of Statistics (NBS) announced on Monday. Growth from the previous quarter was 1.2%, also ahead of the 1.1% expected.

The beat was powered by trade and industry. Exports surged through September, keeping China on course for another record trade surplus, while industrial production rose 5.5% from a year earlier. Retail sales grew 1.1% in September — more than double the roughly 0.5% expected — and the urban jobless rate eased to 5.2%. Growth for the first nine months of the year stands at 4.6%, inside Beijing's full-year target range of 4.5% to 5%.

The weak spot remains property. Investment in property development fell 20.6% in the first nine months of the year, and overall fixed-asset investment dropped 7.2%, as the housing downturn and soft household demand continue to drag on the world's second-largest economy. The NBS itself noted that domestic demand is still insufficient and the recovery's foundation needs consolidating.

Why it matters beyond China: a steadier Chinese economy supports global demand for oil, metals and farm goods — including Canadian energy and agricultural exports — and steadies Asian markets. Currency traders reacted within minutes: the Australian dollar, often traded as a China proxy, rose about 0.36% after the data. Analysts say the in-line growth reduces pressure on Beijing for a large new stimulus package, though targeted support for home buyers and local governments is continuing.

Sources: National Bureau of Statistics (China), via Reuters; ForexFactory economic calendar.