According to the National Bureau of Statistics of China (NBSC), economic activity in Q3 2025 would appear to have maintained a growth rate close to that posted in the previous quarter (+1.1% after +1.0%) and is thought to have slowed year on year to +4.9%, after +5.3% in Q2. GDP growth was largely driven by foreign trade, which contributed +1.2 percentage points to year-on-year growth in Q3, as in the previous quarter. On the one hand, although imports have been picking up since spring, they have grown only modestly year on year in the wake of sluggish domestic demand. On the other hand, Chinese exports have increased strongly, boosted by the continued decline in yuan-denominated prices...