In the third quarter of 2025, China's gross domestic product (GDP) grew by 4.8% year-on-year, a slight decline from 5.2% in the previous quarter, but rose 1.1% quarter-on-quarter, maintaining a steady recovery trend. Over the past six consecutive quarters, economic growth has shown a pattern of initial stability, followed by a moderate slowdown and a subsequent slight rebound, reflecting ongoing structural recovery of domestic drivers amid persistent pressures. Domestic demand remains the primary engine of growth, with further optimization observed in demand-side structure. The service sector contributed 61.8% to GDP growth, continuing its role as a stabilizing force. Notably, industries such as information transmission, software, and IT services expanded by 11.7%, while leasing and business services grew by 8.6%, indicating accelerating momentum in services. The secondary sector accounted for 31.3% of growth, with industrial output up 5.8% year-on-year and manufacturing rising 6.3%, underscoring strong resilience in advanced manufacturing. However, construction declined by 2.3%, dragging down overall industrial performance. On the demand side, final consumption expenditure contributed 56.6% to GDP growth—becoming the largest driver—while net exports of goods and services added 24.5%, signaling clear improvement in external demand. Capital formation contributed 18.9%, reflecting moderate investment expansion. Overall, economic growth is gradually shifting from export-driven to domestic-demand-led, demonstrating distinct structural improvements and laying a solid foundation for achieving full-year targets.