ECONOMY

China Growth Momentum Cools as Key Data Disappoint

By Cheng Siwei, Fan Qianchan and Xia Yining

Published: Nov. 14, 2025 6:40 p.m. GMT+8

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China’s economy showed fresh signs of strain in October, as industrial output growth slid to a more than one-year low and fixed-asset investment fell more than expected, underscoring the challenges facing policymakers amid weak exports and a prolonged property downturn.

Valued-added industrial production rose 4.9% year-on-year in October, down 1.6 percentage points from the previous month, data released Friday by the National Bureau of Statistics (NBS) show. The reading is below economists’ average forecast of 5.5% in a Caixin survey.

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China’s October industrial production rose 4.9% year-on-year, below expectations and at a one-year low.
Fixed-asset investment fell 1.7% in the first 10 months, with property investment down 14.7% and infrastructure investment shrinking 0.1%.
Retail sales grew 2.9% in October, exceeding forecasts, but auto and appliance sales declined sharply.

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