Overview

• National Bureau of Statistics data show a second straight slowdown from 5.2% in Q2, with Q3 output up 1.1% from the prior quarter.
• Weak domestic demand tied to a prolonged property downturn has entrenched household caution, damping consumption and investment.
• September consumer prices fell 0.3% from a year earlier as pork prices dropped 17%, subtracting 0.26 percentage points from headline CPI.
• Authorities signaled in September that hog herds should be cut to address oversupply after years of state-backed expansion of production.
• Exports to the United States decreased under Trump-era tariffs even as shipments to other markets helped offset the drag, and the statistics bureau skipped its customary GDP press conference.