The data was released just hours before state media announced the start of the four-day conclave, where top brass from the ruling Communist Party are expected to discuss strategies to address sluggish household spending and persisting woes in the vast property sector.
It also comes ahead of in-person discussions later this month between top Chinese and US trade officials -- as well as a potential meeting between presidents Donald Trump and Xi Jinping.
Trump earlier this month threatened blistering 100 percent tariffs on Chinese goods from November 1, in response to Beijing's sweeping export controls in the strategic rare earths sector.
Gross domestic product in the July-September quarter expanded 4.8 percent year-on-year, the National Bureau of Statistics (NBS) said, down from 5.2 percent in the previous three months.
The figure was on par with an AFP forecast based on a survey of analysts.
It also represented the slowest growth since the same quarter last year, when GDP expanded 4.6 percent.
As trade pressure builds, experts say China must adjust to a growth model driven more by domestic household spending than exports and manufacturing.
Such a transition is likely to be on the table at this week's "fourth plenum" political gathering in Beijing.
Chinese state media and officials have been taciturn about specific policy proposals included in the country's 15th five-year plan -- the main subject of this week's meeting.
But Xinhua said early Monday that the new plan, which covers the period from next year to 2030, will involve efforts to "strengthen the foundation of people's livelihoods", including by "investing in people".
The report ahead of the plenum also made several references to "new quality productive forces" -- a term Beijing uses to describe key technologies it hopes to achieve self-sufficiency in to ensure long-term growth.
- Consumer slump -
Domestic spending has lagged in recent years, having failed to fully recover from the Covid-19 pandemic.
Alin, a 40-year-old administrative assistant at an insurance company, told AFP in Beijing on Monday that she felt "current consumer subsidies are not quite enough" to get the economy humming again.
"It's more of a global issue," she added, noting concerns including job security, education-related expenses and real estate prices.
New residential property prices fell year-on-year in September in 61 out of 70 cities surveyed, NBS data showed Monday, a sign of persisting homebuyer wariness.
Fixed-asset investment in the first three quarters saw a slight decline of 0.5 percent year-on-year, largely because of a sharp contraction in real estate investment.
That decline is "rare and alarming", Zhiwei Zhang of Pinpoint Asset Management wrote.
Despite noting recent stimulus measures "should help to mitigate the downward pressure on investment" in the fourth quarter, he said "the risk to GDP growth in Q4 is likely on the downside".
In a further sign of weakness, the NBS said retail sales growth slid to three percent year-on-year in September, in line with estimates in a Bloomberg survey, but down from August and the slowest rate since November.
"This slowdown reflects the waning impact of the consumer goods trade-in scheme, which had boosted sales of certain products earlier in the year," wrote Julian Evans-Pritchard of Capital Economics.
"China's growth is becoming increasingly dependent on exports, which are offsetting a slowdown in domestic demand," he wrote.
"This pattern of development is not sustainable," he added.
In one bright spot, industrial production rose 6.5 percent last month, the data showed, outperforming the five percent forecast in a Bloomberg survey.
Beijing and Washington agreed over the weekend to conduct a fresh round of trade talks this week.
Fears of a full-on trade war have been eased after Trump told Fox News that 100 percent levies on all Chinese goods were "not sustainable".
Equities rally on China-US hopes, new Japanese PM lifts Tokyo
Hong Kong (AFP) Oct 21, 2025 -
Stocks extended gains Tuesday on further signs that China-US trade tensions were easing, with Tokyo hitting another record as Japan prepares to swear in a new prime minister and bring an end to a period of political uncertainty.
Investors were back in a buying mood after last week's ructions caused by Donald Trump's threat earlier in the month to hammer China with 100 percent tariffs over its latest rare earth export controls.
The US president -- who had lashed Beijing's "extraordinarily aggressive" moves -- has since toned down his rhetoric and on Monday expressed optimism ahead of a meeting with Chinese counterpart Xi Jinping at the APEC summit in South Korea.
He said he was focused on getting a "fair" trade deal between the superpowers, adding: "I want to be good to China. I love my relationship with President Xi. We have a great relationship."
He also said he doubted China would invade Taiwan, saying "I think we'll be just fine with China. China doesn't want to do that."
The remarks, which followed other conciliatory words at the weekend, helped push Wall Street higher, as the tech-led rally that has pushed markets to records got back on track.
"Markets are travelling on 'high hopes' for a thaw in US-China relations, with President Trump listing rare earths, fentanyl and soybeans as top issues ahead of trade talks," said National Australia Bank's Rodrigo Catril.
Hong Kong jumped more than one percent, with Shanghai, Singapore, Sydney, Seoul, Taipei, Manila and Jakarta also well in positive territory.
Tokyo climbed more than one percent to a new high, following Monday's 3.4 percent surge, as Japan was set to get its first woman prime minister after Sanae Takaichi reached a deal to form a new coalition.
The agreement eased worries about political strife in the country after the Komeito party withdrew from its long-standing alliance with Takaichi's Liberal Democratic Party soon after her election.
Markets have been cheered by the prospect of her premiership as she has in the past backed aggressive monetary easing and expanded government spending, echoing her mentor, former premier Shinzo Abe.
Traders are also keeping tabs on Beijing, where China's leaders are holding a four-day conclave expected to discuss strategies to address sluggish household spending and persisting woes in the vast property sector.
The gathering comes after data Monday showed growth in the world's number two economy came as expected for the third quarter, but was the slowest in a year.
In company news, mineral producers rallied in Sydney following a deal between Trump and Australian Prime Minister Anthony Albanese to ramp up shipments of rare earths to the United States.
Hastings Technology Metals jumped almost four percent, Lynas Rare Earths rallied close to five percent and Iluka Resources piled on more than nine percent.
Related Links
Global Trade News
| Subscribe Free To Our Daily Newsletters |
| Subscribe Free To Our Daily Newsletters |
