China's economy, the world's second-biggest, grew more than expected in the third quarter, as economic activity was boosted by rising industrial production and higher consumer spending, the government said.

Gross domestic product (GDP), a measure of the value of goods and services produced in a country over a given period, expanded 1.3% over the previous quarter, or 4.9% year-over-year, China's National Bureau of Statistics said Wednesday. That was above consensus estimates of 1% and 4.4%, respectively, projected by analysts polled by Reuters, but below a 6.3% annual rate of expansion in the second quarter.

The Chinese government s🐲pen༒t more on infrastructure projects such as roads and public facilities, while state-owned banks invested more money in new factories and capital projects.

"Overall, data in Q3 support our narrative that a stimulus-led cyclical pickup in China was underway, with credit impulse on an uptrend," Oxford Economics said in a research note. 

Stronger-than-expected GDP growth in China is a welcome sign for the world economy. As a manufacturing and trading powerhouse, an economic rebound in China could boost global trade and provide much-needed strength to a faltering global economic expansion.

China's economic prospects have implications for the United States, along with U.S.-based companies that do business in China. A prime example is Apple (AAPL),🐈 which generates significant revenue in Chinaᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚ and has long manufactured its iPhones there.

Despite the growth pickup, China's economy is hindered by significant challenges. China's property sector, a key driver of growth in recent decades, is in crisis, with major developers like Evergrande 澳洲幸运5官方开奖结果体彩网:having filed for bankruptcy as once-profitable loans so💧ur and Chinese regulators tighten lending requirements.

In 𒐪addition, soaring levels of public and corporate debt have heightened concerns about the possibility that China could face a debt crisis that would undermine economic growth and have broader financial mark💖et consequences.