Overview
- Retail sales rose 2.9% year on year in October, the weakest pace in over a year and the fifth straight month of deceleration, according to the National Bureau of Statistics.
- Industrial output grew 4.9% from a year earlier, the softest since August 2024 and below forecasts, highlighting cooling factory momentum after the long holiday period.
- Fixed‑asset investment fell 1.7% in January–October from a year earlier, worsening from a 0.5% decline in the first nine months and undershooting analyst expectations.
- Property remains a major drag, with new home prices down year on year in 61 of 70 large cities and deep declines reported in real‑estate investment, new starts, and developer funding.
- External support weakened as exports unexpectedly contracted in October, even after Washington and Beijing agreed to a one‑year tariff truce late last month, while headline CPI edged up 0.2% and joblessness eased to 5.1%.