China needs a bolder spending package to mend the finances of households and companies, according to a central bank adviser, as signs of resilience in the economy mask the damage wrought by the trade war with the US.

China's economic growth slowed to the weakest pace in a year in the third quarter as fragile domestic demand left it heavily reliant on the humming of its exporting factories, stoking concerns about deepening structural imbalances.

China's economy expanded at the slowest annual pace in a year in July-September, growing 4.8%, weighed down by trade tensions with the United States and slack domestic demand. The July-September data was the weakest pace of growth since the third quarter of 2024,

In a press conference following Central Committee plenum, officials detailed China’s priorities under the next five-year plan.

A further increase in China’s trade surplus failed to fully offset the effects of a worsening housing market, which has left consumers wary.

Here are the key takeaways from China’s third-quarter economic figures. The numbers show the world’s No. 2 economy is still on track to meet the government’s target of “around 5%” growth this year, although the underlying problems aren’t getting much better.

China's ruling Communist Party said Thursday the country has to "vigorously boost consumption" and "consolidate national security" in the next five years, state media reported, as a key gathering concluded in Beijing.

"Perhaps of greatest concern for China is the software used in advanced manufacturing – Western companies control over 70% of the Chinese market for chip design software, for example."

Beijing is fighting to limit the damage from a pattern of price wars and excess capacity across multiple industries.

As more profits flow from overseas subsidiaries, a measure of total income earned by a country's citizens and companies worldwide. China's gross national product, or GNP, may eventually outpace its GDP, much like Japan after its asset bubble burst in the 1990s, according to Goldman.