China’s economy grew faster than expected in the third quarter, as resilient growth in the emerging services sector helped compensate for weakness in manufacturing and property.

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“Today’s number probably represents a floor for how bad it can get in terms of GDP growth in China. On the back of more policy easing and some cyclical recovery, we should see a rebound in the fourth quarter,” said Julia Wang, greater China economist at HSBC.

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While manufacturing and property have slowed for more than a year, financial services provided a temporary boost to growth earlier in 2015 as brokerages raked in commissions from the stock market boom.

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Though still weak, the real estate sector is now recovering modestly, with property sales growing 7.5 percent in the year to September in floor area terms, up from 7.2 percent growth in the first eight months. Property sales had contracted for 17 consecutive months through June on a year-to-date basis.

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“Continued warm up of the property market should also help drive the economy back on track,” Li-Gang Liu, chief greater China economist at Australia and New Zealand Bank, wrote on Monday.

--Financial Times on Oct 19