Changjiang Securities macro chief analyst Song Xiaoxiao said exports and fiscal policy will form dual support for China’s economy in Q4. September exports rose 36.3% YoY, well above seasonal norms, with AI supply-chain volume and price gains sustaining external demand; high export momentum is likely to continue into Q4. On fiscal policy, following the Sept. 28 State Council executive meeting authorities rolled out incremental measures and arranged use of 550 billion yuan of local government bond

Changjiang Securities macro chief analyst Song Xiaoxiao said exports and fiscal policy will form dual support for China’s economy in Q4. September exports rose 36.3% YoY, well above seasonal norms, with AI supply-chain volume and price gains sustaining external demand; high export momentum is likely to continue into Q4. On fiscal policy, following the Sept. 28 State Council executive meeting authorities rolled out incremental measures and arranged use of 550 billion yuan of local government bond balance/quota—300 billion yuan to strengthen county/district general public budget capacity and 250 billion yuan for project construction.