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China economic focus November 2025: worse-than-expected downturn
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
In the November edition of China economic focus, we discuss the factors behind the surprisingly deep October slowdown. The simultaneous collapse of temporary growth pillars in consumption and exports was the primary driver of this weakness. The economy will rely on strong, direct structural policies to bolster confidence and domestic demand to have any chance of meeting the ambitious 2026 growth target.
Table of contents
- Executive summary
- Fading consumer and lightweight stimulus measures
- A two-front retreat in investment
- US tariffs start to impact exports
- Policy challenge for the path forward
- Appendix
Tables and charts
This report includes the following images and tables:
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Sales of key products under the trade-in programmeNew home sales deteriorated more on the value termChina’s exports with major partners, January to October
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China’s EV exports by top destinations, January to SeptemberWood Mackenzie's proprietary China dataManufacturing PMIIndustrial production and retail salesTraInflationPropertyInvestmentMoney supply (M2)
- 1 more item(s)...
What's included
This report contains:
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