China’s statistics agency acknowledged ongoing external uncertainties and rising domestic structural pressures, but stressed that overall activity in October remained stable. The comments followed fresh data showing industrial output growth easing to a 14-month low, reflecting holiday-related disruptions and headwinds from U.S. trade tensions before the extension of the trade truce. Retail turnover rose 2.9% yoy, also the slowest in 14 months, but slightly above estimates of 2.7%, supported by consumer subsidy programs and increased holiday spending. The surveyed jobless rate edged down to a four-month low of 5.1%. Meanwhile, fixed-asset investment in the mainland fell 1.7% year-on-year in the first ten months of the year, the sharpest decline since June 2020. Earlier data showed new yuan loans dropped more than expected in October, underscoring weak credit demand from households and businesses and posing a growing challenge for policymakers trying to bolster the slowing economy.
