China data: Q4 GDP 4.5% y/y (expected 4.4%), Dec retail sales +0.9% y/y (expected 1.2%)

Added:

• China Q4 GDP slows to three-year low despite hitting 2025 growth target
• China factory output accelerates as retail sales and investment lag - recap

GDP Q4 2025 4.5% y/y a beat

• expected 4.4%, prior 4.8%

1.2% q/q

• expected 1.0%, prior 1.1%

December 2025 data:

Retail Sales 0.9% y/y

• expected 1.2%, prior 1.3%

Industrial Production 5.2% y/y

• expected 5.0%, prior 4.8%

Fixed Asset Investment -3.8% y/y

• expected -3.0%, prior -2.6%

January to December property investment -17.2% y/y