China’s economic expansion decelerated to 4.8% in the third quarter of 2024, marking its slowest pace in a year, as trade tensions with the United States intensified. This figure, released by China’s National Bureau of Statistics on Monday, represents a decline from the 5.2% growth recorded in the previous quarter. The slowdown coincides with Beijing’s imposition of stringent controls on rare earth exports, critical minerals for global electronics production, which has further strained its fragile trade truce with Washington. The third-quarter GDP data will influence discussions among China’s top leaders this week as they deliberate on the nation’s economic strategy for 2026–2030. Despite the challenges, Chinese officials highlighted the economy’s ‘strong resilience and vitality,’ attributing growth momentum to the technology sector and business services. Beijing remains committed to its annual growth target of ‘around 5%,’ supported by government measures to avert a sharp downturn. In response to China’s export controls, US President Donald Trump threatened to impose an additional 100% tariffs on Chinese imports. Meanwhile, US Treasury Secretary Scott Bessent plans to meet Chinese officials in Malaysia to ease tensions and facilitate a potential meeting between Trump and Chinese President Xi Jinping. Prior to the recent escalation, Chinese businesses capitalized on the trade truce, boosting exports to the US by 8.4% in September. China’s industrial output also rose by 6.5% year-on-year, driven by strong performances in 3D printing, robotics, and electric vehicle manufacturing. The service sector, encompassing IT support, consultancies, and logistics, also expanded.