毕马威：2025年第四季度中国经济观察报告（英文版）

In the first three quarters of 2025, china's real GDp grew by 5.2% vear-on-vear lYoy,0.4 percentage points higher than forthe same period last vea, indicatingsolid progress toward the ful-vear growth taret of 'around 5%. However, on a quartery basis, economic momentum softened in 03. As policy prioritiesshifted towards addressing involutionary competition,earlier demand-boosting measures moderated. Real GDp growth slowed to 4.8% in Q3, down 0.4percentage points from 02, and the season