中国观察_增长放缓令政策备受关注-China Matters_ Slowing Growth Puts Policy in Spotlight
2025-11-20 02:17
Hui Shan +852-2978-6634 | hui.shan@gs.com Goldman Sachs (Asia) L.L.C. 19 November 2025 | 10:07PM HKT Economics Research CHINA MATTERS Slowing Growth Puts Policy in Spotlight October activity data largely missed expectations and showed significant weakness in investment. Among major indicators, only electricity production increased by 5.9% yoy, while all others grew less than 5% yoy (Exhibit 1). Property new starts and completions dropped by nearly 30% yoy. The sharp decline in fixed asset investment (FAI) o ...