ECONOMY

China’s Economic Momentum Falters

By Cheng Siwei, Fan Qianchan and Xia Yining

Published: Dec. 15, 2025 2:02 p.m. GMT+8

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China’s economy showed widespread softness in November, with key growth engines — industrial output, investment, and consumer spending — all missing forecasts in a Caixin survey of economists.

Value-added industrial production grew at its slowest pace in more than a year in November, at 4.8% year-on-year, according to data released Monday by the National Bureau of Statistics. The slowdown was partly due to export volatility and policies to curb excessive competition.

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Explore the story in 30 seconds

China’s industrial output grew 4.8% year-on-year in November, the slowest in over a year, missing forecasts.
Fixed-asset investment dropped 2.6% in the first 11 months; property investment was a major drag.
Retail sales growth slowed to 1.3% in November as big-ticket purchases and property-related spending declined.

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