Core Viewpoint - The upcoming economic data release by the National Bureau of Statistics on November 14 is expected to show a slowdown in several macroeconomic indicators for October, influenced by a higher base from the previous year and increased external uncertainties. Economists maintain a stable outlook for China's economy, projecting a 5% growth target for the year, with a focus on domestic demand recovery amid a complex external environment [1][8]. Economic Growth and Policy Measures - The First Financial Research Institute's Chief Economist Confidence Index remains at 50.3, indicating stable economic performance [1]. - The government is intensifying growth stabilization policies to consolidate and expand the economic recovery momentum, aiming to achieve key annual targets [1][9]. Industrial Growth - The average forecast for October's industrial added value year-on-year growth is 5.7%, down from 6.5% in the previous month [2]. - The manufacturing PMI fell to 49.0%, indicating a contraction in manufacturing activity, influenced by pre-holiday demand release and a complex international environment [2][3]. - High-frequency data shows a decline in production indices, with steel production maintaining a strong performance, while chemical production also saw improvements [3]. Consumer Spending - The forecast for October's retail sales growth is 2.7%, down from 3% in the previous month, influenced by holiday consumption and promotional activities [4][5]. - The automotive sector reported record production and sales figures, with significant growth in new energy vehicle sales [5]. Investment Trends - Fixed asset investment is expected to decline by 0.8% year-on-year, with infrastructure investment showing signs of potential recovery due to new policy measures [6][7]. - The real estate sector continues to face challenges, with declining transaction volumes in major cities [6][7]. Economic Outlook - Despite external challenges, China's economy demonstrated resilience with a 5.2% growth in the first three quarters of the year [8]. - The government emphasizes the need for effective policy implementation to support both short-term growth and long-term development [8][9]. - Local governments are actively deploying measures to stimulate consumption and investment, including issuing consumption vouchers and launching major infrastructure projects [10].