普华永道（PwC）：2025年第三季度中国经济观察报告（英文版）（28页）.pdf

1、China EconomicQuarterly Q3 2025January 2026China Economic Quarterly Q3 2025PwC101In Brief202Key Takeaways from the First Half of 2025 Economic Data403Chinas Economic Momentum:A Snapshot504Chinas 15th Five-Year Plan:Signals,Shifts,and Strategic Implications14Authors26ContentPart 1:Key Economic Signal

2、sGDP growth slowed in Q3 but remains on track for the 5%full year target,as strength in manufacturing and services was tempered by construction drag.Industrial production continues to anchor growth,with high-tech and equipment manufacturing outperforming the broader sector on the back of structural

3、upgrading and policy support.Exports continued to underpin demand,but domestic consumption is weakening following the policy driven rebound in the first half of the year as stimulus effects fade;meanwhile,the external environment remains clouded by trade frictions and global uncertainty.Corporate se

4、ntiment has turned more cautious,reflected in soft private investment and PMI readings,though factory-gate prices show tentative improvement.Monetary policy remains accommodative,with financing underpinned by government bond issuance;a revival in corporate borrowing will be critical to reinforcing g

5、rowth momentum.In BriefChina Economic Quarterly Q3 2025PwC2China Economic Quarterly Q3 2025PwC3Part 2:Special Topic Chinas 15th Five Year Plan RecommendationsA dual-track industrial strategy:The Recommendations place top priority on revitalizing traditional sectors through digital and green upgrades

6、,while continuing to foster strategic emerging industries underscoring renewed focus on strengthening the“real economy.”From involution to high-quality growth:Policymakers explicitly address involution by promoting more effective investment,curbing excessive competition,and fostering innovation.At t