Xin Lang Cai Jing·2025-10-21 00:13Core Viewpoint - The economic data for September shows a significant divergence between production and demand, with production remaining resilient while demand indicators have notably declined [1] Demand Side Analysis - Investment growth in September continues its rapid downward trend, falling below market consensus expectations [1] - Retail sales growth in September has decreased slightly, influenced by the overdraw effect of previous subsidies and a higher base, also falling short of market expectations [1] Outlook for Q4 - There is an expectation for a mild improvement in fixed asset investment growth in Q4, driven by the implementation of new policy financial tools [1] - Attention is drawn to the potential decline in export and retail sales growth in Q4 compared to Q3, due to high base effects [1] Policy Measures - The Ministry of Finance has announced two measures to consolidate and expand the positive momentum of economic recovery [1] - There is a recommendation to monitor the impact of subsequent policies aimed at expanding service consumption on boosting household spending [1]