China fourth-quarter growth slows to 4.5%, weakest in nearly three years as consumption misses forecasts
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China's economic growth slowed to 4.5% in Q4 2025, the weakest in nearly three years, as domestic demand weakened. Full-year growth met the target at 5%, despite trade frictions with the U.S. and a real estate slump. Retail sales grew 0.9% in December, below forecasts, while industrial output rose 5.2%. Fixed-asset investment fell 3.8%, worse than expected. The urban unemployment rate remained at 5.1%. Resilience in 2025 was aided by lower tariffs and exporters diversifying away from the U.S.
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