China Economic Monitor: 2025 Q4

The report points out that in the first three quarters of 2025, China’s real GDP grew by 5.2% year-on-year (YoY), 0.4 percentage points higher than for the same period last year, indicating solid progress toward the full-year growth target of ‘around 5%.’ However, on a quarterly basis, economic momentum softened in Q3. As policy priorities shifted towards addressing involutionary competition, earlier demand-boosting measures moderated. Real GDP growth slowed to 4.8% in Q3, down 0.4 percentage points from Q2, and the seasonally adjusted quarter-on-quarter pace dropped to one of the lowest levels on record.