Overview
- Retail sales rose 2.9% year over year and industrial output grew 4.9% in October, both the weakest since August 2024 and softer than September’s readings.
- Fixed-asset investment fell 1.7% in January–October versus a year earlier, a deeper decline than forecast and worse than the 0.5% drop through September.
- The housing downturn persisted, with new home prices posting their fastest monthly fall in a year and property investment remaining a major drag.
- Exports unexpectedly contracted in October after recent resilience, with trade strains preceding a late-month U.S.–China tariff pause.
- Beijing has announced over 1 trillion yuan in additional fiscal measures since September as the PBOC signals limited new easing, and the NBS warned of external uncertainties and domestic structural pressures.