Economic Growth - In Q3 2025, actual GDP grew by 4.8% year-on-year, aligning with previous estimates of 4.79% [1] - Nominal GDP increased by 3.73%, slightly above the expected 3.60% [1] - The actual GDP growth for the first three quarters of 2025 was 5.2%, indicating strong resilience in the Chinese economy compared to the global forecast of 3.2% by the IMF [1][8] Industrial Capacity Utilization - The industrial capacity utilization rate improved to 74.6% in Q3, up by 0.6 percentage points from Q2 [2][11] - Significant increases were noted in the electrical machinery and automotive sectors, reflecting positive impacts from reduced competition [2][11] - However, the cumulative capacity utilization for the first three quarters was 74.2%, lower than the previous year's 75.0%, attributed to a rapid decline in fixed asset investment [2][12] Consumer Spending - There was a noticeable slowdown in consumer spending, with per capita disposable income and consumption expenditure growing by 4.5% and 3.4% respectively in Q3 [3][13] - The decline in spending growth was more pronounced than that of income, with significant drops in categories such as food, clothing, and healthcare [3][14] - The overall consumer spending growth for the first three quarters was 4.6%, indicating a shift in consumption patterns possibly due to increased market activity [3][13] Fixed Asset Investment - Fixed asset investment continued to decelerate, with a cumulative year-on-year decline of 0.5% and a monthly decline of 6.8% in September [4][21] - The manufacturing, real estate, and infrastructure sectors all experienced expanded declines in investment [4][21] - Excluding real estate, fixed asset investment showed a year-on-year growth of 3.0%, down from 4.2% [4][21] Real Estate Market - Key indicators in the real estate sector showed continued declines in sales area and investment completion amounts, with new construction and funding showing slight improvements [5][23] - The price pressure remains significant, with new residential prices in 70 major cities declining by 0.4% month-on-month [5][24] - The real estate investment in September saw a year-on-year decline of 21.2%, indicating ongoing challenges in the sector [5][23] Employment Situation - The urban survey unemployment rate was recorded at 5.2%, slightly lower than the previous 5.3%, indicating stable existing employment levels [6][24] - However, new employment data showed pressure, with a year-on-year increase of only 0.21% in urban new employment for the first eight months [6][24] - The need for improved new employment is linked to the recovery of corporate profit growth [6][24] Overall Economic Assessment - The data highlights that the first three quarters have laid a solid foundation for achieving annual economic targets, with Q3 growth meeting expectations [7][25] - Industrial production showed significant month-on-month recovery in September, providing strong support for economic data [7][25] - However, concerns remain regarding the slowdown in consumer spending, instability in the real estate market, and further declines in fixed asset investment [7][25]