Wu Ge: Since the start of this year, AI and related products have provided an important boost to China's exports.

The National Bureau of Statistics released China's economic "report card" for the third quarter on the 19th. China News Service's Guoshi Zhitongche held the "2026 Third Quarter Economic Situation Analysis Meeting" that day. Wu Ge, Chief Economist of Changjiang Securities, pointed out at the meeting that China's GDP grew by 4.6% year-on-year in the first three quarters, and among the "three drivers" of GDP growth, exports made the most prominent contribution. Looking ahead one to two years, he noted that although there are geopolitical uncertainties in the global macro environment, it remains overall favorable for China's manufacturing exports, especially exports of AI-related products. Since the beginning of this year, AI and AI-related products have provided an important boost to China's exports, and from a longer cycle perspective, the global manufacturing super-cycle has not yet ended. On the one hand, AI is driving growth in computing power and infrastructure investment; on the other hand, countries are still restructuring industrial chains, with spending in related fields rising, both of which are expected to continue supporting external demand. Overall, the external environment favorable to China's manufacturing exports has not changed.