According to the National Bureau of Statistics of China (NBSC), economic activity is reported to have picked up in Q4 2025: GDP growth is reported to have reached 1.2%, up from 1.1% in Q3. However, year-on-year growth is thought to have slowed again, to 4.5% after 4.8% in Q3 and 5.2% in Q2. As in the previous quarter, the year-on-year rise in GDP in Q4 is thought to be largely attributable to foreign trade: the contribution of net exports to growth is therefore estimated at +1.4 percentage points. Domestic demand is expected to continue to slow. While consumption would still appear to make a significant contribution to growth (+2.4 percentage points), the contribution from investment (+0.7 percentage points) appears to be lower than in the previous two quarters, against a backdrop of persistent sluggishness in the property sector. For 2025 as a whole, GDP growth is expected to stand at 5.0%, in line with the official target. It was largely driven by the foreign trade balance, as Chinese industrialists continue to lower their export prices and gain market share...