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 spent more on in✱frastructu🌸re 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 generateౠs significant revenue in China 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开奖号码历史查询:having filed for bankruptcy as once-profitable loans sour and Chinese regulators tighten𝄹 lendꦡing requirements.

In addition, soaring levels of public and corporate debt have heightened concerns about the possibili♑ty that China could face a debt crisis that would undermine economic growth and have broader financial market consequences.