Macroeconomics

1. [GDP] National Bureau of Statistics: Preliminary calculations show that GDP in the first three quarters reached 101,503.6 billion yuan, a year-on-year increase of 5.2% at constant prices. By industry, the added value of the primary industry reached 5,806.1 billion yuan, a year-on-year increase of 3.8%; the added value of the secondary industry reached 36,402.0 billion yuan, a year-on-year increase of 4.9%; and the added value of the tertiary industry reached 59,295.5 billion yuan, a year-on-year increase of 5.4%. By quarter, GDP grew by 5.4% year-on-year in the first quarter, 5.2% in the second quarter, and 4.8% in the third quarter. Quarter-on-quarter, GDP grew by 1.1% in the third quarter.

2. [Industrial Capacity Utilization] National Bureau of Statistics: In the third quarter of 2025, the national capacity utilization rate of industrial enterprises above designated size was 74.6%, up 0.6 percentage points from the second quarter and down 0.5 percentage points from the same period last year. Looking at the three major sectors, by the third quarter of 2025, the mining industry's capacity utilization rate is projected to be 72.5%; the manufacturing industry's capacity utilization rate is 74.8%; and the electricity, heat, gas, and water production and supply industry's capacity utilization rate is 74.3%.

3. [US-Australia Agreement] US President Trump and Australian Prime Minister Anthony Albanese signed an agreement on rare earth and critical minerals at the White House on Monday. As part of the agreement, both sides agreed to reduce approval processes for mining, processing facilities, and related operations to increase production of rare earth and critical minerals. The White House statement stated that the US and Australian governments plan to jointly invest over $3 billion in critical mineral projects over the next six months, with an estimated recoverable resource value of $53 billion.

Agricultural and Sideline Products

1. [Eggs] According to data from the National Bureau of Statistics, in the first three quarters, national egg production increased. Poultry output reached 13.27 billion heads, a year-on-year increase of 800 million heads, or 6.4%. Poultry meat production reached 20.53 million tons, a year-on-year increase of 1.37 million tons, or 7.2%. Poultry egg production reached 26.46 million tons, a year-on-year increase of 40,000 tons, or a slight increase of 0.2%. At the end of the third quarter, the national poultry inventory reached 6.40 billion heads, a year-on-year increase of 0.3% and a month-on-month increase of 1.0%.

2. [Pigs] According to data from the National Bureau of Statistics, in the first three quarters, national pig output reached 529.92 million heads, a year-on-year increase of 9.62 million heads, or 1.8%. The growth rate increased by 1.2 percentage points compared to the first half of the year, maintaining growth for three consecutive quarters. Pork production reached 43.68 million tons, a year-on-year increase of 1.28 million tons, or 3.0%. At the end of the third quarter, the national pig inventory reached 436.8 million head, an increase of 9.86 million head year-on-year, or 2.3%, and an increase of 12.33 million head month-on-month, or 2.9%. Of this total, the breeding sow inventory reached 40.35 million head, a decrease of 280,000 head year-on-year, or 0.7%, and a decrease of 90,000 head month-on-month, or a slight decrease of 0.2%.

3. [Pigs] Customs data show that China imported 80,000 tons of pork in September 2025, a 22.5% decrease from the same period last year. From January to September 2015, China imported a total of 790,000 tons of pork, a 1.3% decrease from the same period last year.

4. [Corn] Customs data show that China imported 60,000 tons of corn and cornmeal in September 2025, a 81.9% decrease from the same period last year. From January to September 2025, China imported a total of 930,000 tons of corn and cornmeal, a 92.7% decrease from the same period last year. 5. [Sugar] Customs data show that my country imported 550,000 tons of sugar in September 2025, a decrease of approximately 280,000 tons from August and a year-on-year increase of 35.8%. From January to September 2025, my country's cumulative sugar imports reached 3.16 million tons, a year-on-year increase of 9.4%.

6. [Rapeseed Oil] Customs data show that China imported 160,000 tons of rapeseed and mustard oil in September 2025, a 7.0% increase from the same period last year. From January to September 2025, China's cumulative rapeseed and mustard oil imports reached 1.6 million tons, a 22.0% increase from the same period last year.

7. [Palm Oil] Customs data show that total palm oil imports in September 2025 were 190,300 tons, a decrease of 115,700 tons (37.80% year-on-year) from 306,000 tons in the same period last year, and a month-on-month decrease of 219,900 tons from 410,200 tons in the same period last month.

8. [Vegetable Oils] Customs data show that China imported 560,000 tons of edible vegetable oils in September 2025, an 11% decrease from the same period last year. From January to September 2025, China's cumulative edible vegetable oil imports reached 5.01 million tons, a 7.1% decrease from the same period last year.

9. [Oilseeds] Data from the European Commission shows that EU oilseed and vegetable oil imports in the 2025/26 marketing year are generally lower than last year, reflecting an expected increase in domestic oilseed production and crushing. As of October 12, soybean imports into the EU-27 in the 2024/25 marketing year (starting July 1) were approximately 3.41 million tons, a 7% decrease from the same period in the 2024/25 marketing year and a 4% decrease from the previous week. Rapeseed imports were approximately 1.09 million tons, a 34% decrease from the same period last year and a 30% decrease from the previous week.

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