Core Viewpoint - The Chinese government has set a GDP growth target of around 5% for 2025, with the actual GDP growth for the first three quarters of this year recorded at 5.2%, indicating a positive trajectory towards achieving the annual target [1][2]. Economic Performance - The report from KPMG highlights that the industrial added value for large-scale enterprises in China grew by 6.2% year-on-year in the first three quarters [1]. - The total retail sales of consumer goods increased by 4.5% year-on-year during the same period, with online retail sales showing a robust growth of 9.8% [1]. Investment and Consumption - The coordinated efforts of fiscal and monetary policies are expected to boost domestic demand, particularly in investment, leading to a recovery in production [1]. - The introduction of 500 billion RMB in policy financial tools is anticipated to stimulate manufacturing and infrastructure investment, resulting in a new round of production expansion for related equipment and upstream building materials [1]. Consumer Market Outlook - The report anticipates that promotional events like "Double Eleven" and "Double Twelve," along with holiday consumption during the Mid-Autumn Festival and National Day, will support the consumer market in the fourth quarter [2]. - Service consumption is expected to be a significant driver of growth in consumer spending during this period [2]. Export Performance - China has successfully expanded its exports to non-US markets, with a year-on-year increase of 12.6% in the first three quarters, contributing 10.7 percentage points to the overall export growth [2]. - The report suggests that the traditional overseas consumption peak season in the fourth quarter, combined with China's competitive advantages in high-end equipment and new energy products, will help maintain export resilience [2].