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China’s gross domestic product (GDP) has shown growth in the third quarter of 2025, rising by 4.8 percent. According to the data published by the National Bureau of Statistics (NBS), the numbers were significantly higher than the market projection of 4.7 percent but 0.4 percentage points were lower than the previous quarter.
Key Economic Indicators Reflect Mixed Performance
The NBS emphasized three top contributors to the economy, commonly known as the “three carriages“: consumption, industrial production value, and fixed asset investment. They are a general overview of mainland China’s economic activity.
Consumer durables retail sales in September reached RMB 4.2 trillion (US$590 billion) and increased by 3 percent year-on-year, down slightly from an estimated 2.9 percent increase. Month-on-month fell 0.18 percent, the largest three-month fall. Retail sales for the first three quarters of 2025 were at RMB 36.6 trillion (US$5.14 trillion) and increased by 4.5 percent year-on-year.
Factory output for big and specified-size enterprises rose 6.5 percent on a month-on-month and year-on-year basis in September, ahead of August by 1.3 percentage points, to a record highest three months. Factory output rose by 6.2 percent for the total first three quarters.
At the same time, fixed-capital investment was RMB 37.2 trillion (US$5.22 trillion) during the same period but dropped only by 0.5 percent compared to the previous year. This deceleration was largely attributed to reduced property development spending.
Sectoral Contributions to Economic Growth
The combined GDP of the first nine months stood at RMB 101.5 trillion (US$14.2 trillion) and increased by 5.2 percent year-on-year. The 5.8 trillion (US$814 billion) came from the primary sector with a 3.8 percent increase year-on-year. The secondary sector increased by 4.9 percent to give RMB 36.4 trillion (US$5.11 trillion), while the tertiary sector had RMB 59.3 trillion (US$8.32 trillion) increasing by 5.4 percent.
Factors Behind the Growth Slowdown
The NBS top official attributed the easing in GDP expansion in the third quarter mainly to a complex external pressure and ongoing domestic structural reforms. In spite of all these, the official stressed that the economic development in China is still stable and progressive.
They added that China’s third quarter GDP expansion of 4.8 percent is particularly remarkable relative to the majority of major economies, given the massive size of the country’s economy.
Sustaining Steady Progress Amidst a Difficult Environment
China’s quarterly growth missed accelerating, but it showed resilience in the face of the global economic environment. The contrasts in the performances within consumption, industrial output, and investments represent the ongoing challenges, but also indicate sectors of activity that are helping drive the economy’s steady growth.
Such steady progress is observed to be a comforting indicator to policymakers as they fight to find balance between growth and structural reform and external shocks.
Source: Inside Asian Gaming (IAG)
