This episode contains segments on:
- China third quarter GDP;
- China September macroeconomic data; and
- Fourth Plenum of the 20th CPC Central Committee.
Listeners are also invited to join the Carbon Neutrality Conference in Shanghai on 30th October, focussing on supply chains decarbonisation.
Contact:
We’d love to hear your feedback. Contact us at website@europeanchamber.com.cn.
Follow the European Chamber on LinkedIn, Twitter, WeChat (europeanchamber), and sign up for our newsletter here, to get notified on new episodes.
Read more:
China Q3 GDP (NBS)
https://www.stats.gov.cn/sj/zxfb/202510/t20251020_1961612.html
China macroeconomic data, September(NBS)
https://www.stats.gov.cn/sj/zxfb/202510/t20251020_1961611.html
https://www.stats.gov.cn/sj/zxfb/202510/t20251020_1961606.html
Fourth Plenum of the CPC Central Committee
https://english.www.gov.cn/news/202510/20/content_WS68f62084c6d00ca5f9a06efc.html
Chamber event:
Transcript:
RUI: Hello and welcome to China ShortCuts,
MARIANN: the European Chamber’s weekly catchup on China’s business landscape.
RUI: This episode was recorded on 22nd October 2025.
(MUSIC)
RUI: According to the National Bureau of Statistics, the pace of China’s quarterly economic growth was the slowest recorded in a year in the third quarter of 2025.
MARIANN: The country’s gross domestic product, or GDP, increased 4.8 per cent year-on-year in the July-September period, marking he second consecutive quarter of slowing economic growth. While achieving the annual target of “around 5 per cent growth” should still be possible, China’s overall economic slowdown was a key concern of respondents to the European Chamber’s Business Confidence Survey 2025. However, the shift away from setting hard GDP targets can already be interpreted as an acknowledgment from Chinese policymakers that maintaining the kind of breakneck growth that China enjoyed in the previous two decades is neither realistic nor that important for a maturing economy. It also provides more space to focus on changing the composition of China’s GDP, with an emphasis on sustainable and quality growth.
(MUSIC)
RUI: Additional data released by China’s statistics bureau on 20th October showed that industrial production accelerated, while retail sales growth slowed in September, pointing to a continued imbalance between supply and demand.
MARIANN: The total value of industrial production at larger firms rose 6.5 per cent year-on-year in September – the fastest pace recorded in three months. Out of the three industries of mining, manufacturing and utilities, the rate of growth was the highest in manufacturing at 7.3 per cent. In a separate release, the statistics bureau revealed that in the third quarter of 2025, industrial capacity utilisation at larger firms stood at 74.6 per cent overall – the highest level recorded this year.
Meanwhile, the total value of retail sales expanded 3 per cent year-on-year in September, with the rate of growth decelerating to the slowest level since last November. A breakdown of the data showed slower growth for the sales of both goods and catering in September, with the drop substantially sharper in catering.
In the first three quarters of 2025, retail sales grew at 4.5 per cent year-on-year. This compares with a 6.2 per cent growth rate in industrial production for the same period.
(MUSIC)
RUI: On 20th October, the Central Committee of the Communist Party of China started its fourth plenary session, during which the Party’s leadership is deliberating on the country’s 15th Five-year Plan.
MARIANN: The 15FYP will set the direction for China’s social and economic development from 2026 to 2030. It will be an important transitional plan, as it should see the peaking of carbon emissions, planned to take place before 2030, and also comes five years before the deadline for China to achieve ‘socialist modernisation’. According to Xinhua, the plan will further promote the cultivation of new productive forces and strengthening scientific and technological innovation in critical areas, while upgrading traditional industries.
The Chamber has put forward its recommendations for the upcoming five-year plan in its annual Position Paper, released in September. The five key recommendations detailed in the paper call for reforms that address underlying structural issues; allowing market forces to play the decisive role in resource allocation; taking action to create equitable trade relationships; continuing efforts to green the economy and ensuring environmental sustainability; and advancing China’s digital transition in an inclusive way.
(MUSIC)
RUI: As supply chains face increasing scrutiny with regard to climate action, companies are under growing pressure to decarbonise every link of their global operations. For industries deeply integrated with the EU market, aligning with both European and Chinese climate agendas presents a dual challenge: electrifying production processes while addressing Scope 3 emissions—indirect emissions that occur in the value chain—across transportation, logistics and supplier engagement.
MARIANN: At the same time, rapid changes in energy markets, technological innovation and evolving environmental, social and governance or ESG expectations are reshaping how businesses will be able to deliver on their decarbonisation commitments.
RUI: Join us in Shanghai on 30th October, for the Chamber’s Carbon Neutrality Conference 2025, to gain insights into regulatory developments, practical ESG integration strategies, and the role of innovation and collaboration in building low-carbon value chains. The conference will provide a platform for companies to exchange perspectives, share best practices and explore actionable solutions towards achieving long-term carbon neutrality goals.
(MUSIC)
MARIANN: Thanks for listening, and don’t forget to tune in again next week.
RUI: In the meantime, please find useful links in the episode notes.