Consumption and factory output figures beat forecasts, but a tumbling property sector remains a major challenge as Beijing races to revitalise growth.

The Chinese economy expanded 4.6% Y/Y in Q3, slightly better than market estimates of 4.5%. The figure came out lower than the previous quarter's 4.7% and below the government's "around 5%" target for this year It marked the slowest annual growth since Q1 2023,

China's GDP growth slowed in the third quarter, decelerating to 4.6% YoY from 4.7% YoY, but fared better than both our and consensus forecasts, in part due to a stronger-than-expected rebound of September data. The GDP deflator continued to be quite supportive over the last quarter, adding 0.56 ppt to real GDP growth from the nominal GDP numbers.