中国经济-12 月增长疲软、财政支出不足（年初至今）、11 月数据低迷-China Economic Comment _ China Weekly_ Weak Dec growth, fiscal under-spending YTD, subdued Nov data

ab 22 December 2025 Global Research China Economic Comment China Weekly: Weak Dec growth, fiscal under- spending YTD, subdued Nov data High frequency: Subdued home sales, softer port, weaker auto sales in Dec 30-city property sales stayed in a deep YoY contraction of -30% in the first 20 days of December (vs. -33% YoY in November) on a high base from policy stimulus last year, with the weakness extended across all tier cities. Port cargo throughput growth edged down to 2% YoY in the first 14 days from 3% Yo ...