Budget revenue fell 0.1% in September and land-sale receipts dropped 23.2%, while third-quarter GDP grew 4.5%. Producer prices rose 5.0% against 0.9% consumer inflation, and the central bank is weighing an overnight rate as its main policy tool.
Beijing’s Washington embassy framed the 4.5% Q3 rebound as innovation-led, even as the NBS said weak domestic demand remains the binding constraint. Source
The weakest number this week wasn't growth. It was the state's own income. Caixin reported that general public budget revenue fell 0.1% in September, the first monthly decline of 2026, with land-sale receipts down 23.2%. Set that against a third-quarter GDP print that beat expectations.
