China’s Q3 Growth Slows to 4.8% as Industry Outpaces Weak Spending

Overview

• Official data show GDP rose 4.8% year on year in the third quarter, down from 5.2% in Q2 and the slowest pace of 2025.
• September industrial output accelerated about 6.5% as retail sales rose only 3%, signaling fragile household demand.
• Fixed‑asset investment fell 0.5% in January–September, with property investment down 13.9%, new construction off 18.3% and new home sales lower.
• China’s Communist Party opened its fourth plenum to set 2026–2030 priorities, with coverage indicating expectations of policies to bolster consumption.
• U.S. Treasury Secretary Scott Bessent said he will meet Vice‑Premier He Lifeng this week, and markets rallied on prospects of de‑escalation, lifting Wall Street and Brazil’s Ibovespa as the real strengthened below R$5.40 per dollar.