Overview
- Industrial output rose 4.9% year on year and retail sales grew 2.9% in October, both the softest readings since mid‑2024, according to the National Bureau of Statistics.
- Fixed-asset investment fell 1.7% in the first ten months versus a 0.5% drop through September, while new-home prices recorded their fastest monthly decline in a year.
- Exports unexpectedly contracted in October after earlier strength, with tensions with the United States preceding a late‑month agreement to temporarily trim tariffs.
- Beijing has announced more than 1 trillion yuan in additional fiscal support since September, as analysts note the measures will take months to filter through and the PBOC signals limited appetite for fresh easing.
- Economists still expect full‑year growth near the official target, with consensus forecasts around 4.9% for 2025 despite the uneven recovery.