Economic Growth - The GDP growth for the first three quarters of 2023 is 5.2% year-on-year, with a 4.8% growth in the third quarter, indicating resilience in economic growth [1] - Industrial production showed a strong performance, with the industrial added value increasing by 6.5% year-on-year in September, up 1.3% from the previous month [1] Demand Side - Fixed asset investment has decreased by 0.5% year-on-year, primarily due to a decline in real estate and infrastructure investments, while manufacturing investment grew by 4% [2] - Retail sales of consumer goods increased by 3% year-on-year in September, but this marks a 0.4 percentage point decline from the previous month, continuing a four-month downward trend [2] - Service consumption remains a bright spot, with total service consumption growth rising to 5.2%, contributing 2.7 percentage points to GDP growth in the third quarter [2] Structural Issues - There are evident signs of weakness in housing prices, with all 70 major cities reporting declines in second-hand housing prices in September, and real estate investment down by 13.9% year-on-year [3] - The GDP deflator index is at -1.07%, remaining negative for over ten consecutive quarters, indicating ongoing structural issues that require further policy support [3] - To ensure a strong start for economic growth in the following year, it is necessary to enhance growth-stabilizing policies [3]

Core Viewpoint - The third quarter economic data indicates that China's economy is maintaining resilience, with GDP growth of 5.2% year-on-year for the first three quarters and 4.8% for the third quarter, driven primarily by the production sector [2][3]. Group 1: Economic Growth - The industrial production maintained a rapid growth rate, with industrial added value increasing by 6.5% year-on-year in September, up by 1.3% from the previous month [2]. - Exports showed improvement, with a year-on-year growth of 3.8% in September, a significant recovery from the previous month's decline of 0.4% [2]. - The production sector is identified as the most important driver of economic growth this year, supported by policy measures and seasonal effects [2]. Group 2: Demand Side Analysis - Fixed asset investment has continued to decline, with a year-to-date decrease of 0.5%, primarily due to weakened real estate and infrastructure investments [3]. - Retail sales of consumer goods grew by 3% year-on-year in September, marking a 0.4 percentage point decline from the previous month, continuing a four-month downward trend [3]. - Service consumption remains a bright spot, with total service consumption growth rising by 0.1% to 5.2%, contributing 2.7 percentage points to GDP growth in the third quarter [3]. Group 3: Structural Issues and Policy Needs - There are evident signs of weakening in housing prices, with all 70 major cities reporting declines in second-hand housing prices in September [4]. - The GDP deflator index stands at -1.07%, remaining negative for over ten consecutive quarters, indicating ongoing structural issues [4]. - To support economic growth for the upcoming year, it is necessary to further implement stability policies, especially considering the high base from last year's growth [4].

Core Viewpoint - The Bank of England's monetary policy committee member Mann emphasizes that reducing inflation will require significant effort, highlighting the importance of supply-side growth for achieving positive outcomes on the demand side [1] Group 1 - The necessity of supply-side growth is underscored as a critical factor for effective demand-side results [1] - The statement indicates that without improvements in supply, efforts to manage demand may not yield favorable results [1]