Daily Buzz: 21 October 2025

China Economy on Track to Meet 2025 Growth Target

China's economy in the third quarter expanded 4.8 percent from a year earlier, slowing from 5.2 percent growth in the prior quarter. For the first nine months of the year, gross domestic product grew 5.2 percent, putting the government on track to meet its 5 percent target for 2025, according to data from the National Bureau of Statistics. Consumer spending was the biggest contributor to GDP growth in the first nine months, while investment underperformed mostly due to the slowdown in property markets.

For the month of September, industrial production in September beat expectations with a 6.5 percent increase, and retail sales rose 3 percent. However, fixed-asset investment unexpectedly contracted 0.5 percent in January-September period, while per capita disposable income gained 5.1 percent.

The property market continued to show signs of weakness amid a four-year slump triggered by developer defaults. Investment in real estate in the first nine months of the year plummeted 14 percent, the statistics bureau reported. New home prices in September fell 2.2 percent from a year earlier, and home resale prices dropped 3.2 percent in China's biggest cities.

The economy and property market are among the issues expected to be on the agenda of the meeting of the Central Committee of China's Communist Party that began on Monday. China's leaders will be setting priorities for the 15th Five-Year Plan (2026-30), including further development of advanced technologies that have been principal drivers of growth.

US Pressures Ukraine to Accept Current Battle Lines

In a meeting with US President Donald Trump at the White House this week, Ukrainian President Volodymyr Zelensky didn't get the Tomahawk long-range missiles he wanted, but he did get another lecture from Trump that Ukraine should accept current battle lines to get a ceasefire with Russia, Reuters reported. That would mean ceding Russia vast swathes of eastern Ukraine that Moscow occupies – a concession Ukraine has consistently rejected -- and appeared to be another Trump pivot back toward Russia. The meeting came a day after Trump talked by phone with Russian President Vladimir Putin, and both leaders agreed to meet soon in Hungary.

Amazon Web Glitch Disrupts Global Internet

A glitch in Amazon Web Service disrupted Internet use around the world on Monday, shutting down many social media and gaming sites, food delivery services, and streaming and financial platforms. AWS provides behind-the-scenes cloud computing infrastructure. The outage at a US data site affected an estimated 1,000 companies, including popular sites like Snapchat and Reddit, costing them millions of dollars. Services were restored after nine hours of disruption.

US to Cut Aid to Colombia Over Drug Trade

President Donald Trump called Colombian President Gustavo Petro a "lunatic" and "illegal drug leader" and said the US will end aid to the South American country and slap tariffs on its exports. Colombia has traditionally been a close ally of the US in Latin America. In a continuing war against drug traffickers in the region, US naval vessels attacked another ship in the Caribbean that it said was transporting illegal narcotics.

Cargo Plane Veers Off Runway in HK, 2 Dead

A 747 cargo plane operated by Turkey-based charter service AirACT skidded off a runway and into the sea on landing at Hong Kong International Airport on Monday. The mishap occurred after the jetliner collided with a security ground vehicle, killing two airport staff. Four crew members aboard the flight from Dubai were rescued.

Top Business

CATL Profit, Revenue Surge

China's Contemporary Amperex Technology (CATL), the world's largest maker of electric car batteries, reported third-quarter profit rose 41 percent from a year earlier to 18.5 billion yuan (US$2.6 billion), accelerating from a 34 percent increase in the second quarter. Revenue in the quarter rose 13 percent to 104.2 billion yuan, following last quarter's 8.3 percent gain.

The company attributed the faster growth to expanded production around the globe, with higher capacity at all its domestic plants. Its factory in the city of Jining in Shandong Province is expected to surpass 100 gigawatt-hours next year. Its German plant started production in 2024, and a new factory in Hungary is posed to being operations at the end of the year. Next year, new plants in Spain and Indonesia will add to the production chain. Shares in Fujian Province-based CATL rose 1.3 percent in Hong Kong on Monday ahead of the release of the results.

Sany Heavy Seeks US$1.6 Billion HK Listing

Sany Heavy Industry, one of the world's biggest manufacturers of concrete machinery, pile drivers, earthmovers and other heavy equipment, is seeking to raise as much as HK$12.36 billion (US$1.6 billion) in an initial public offering in Hong Kong, according to an exchange filing. The company said it plans to sell 580.4 million shares in a price range of HK$20.30-HK$21.30 each. The proceeds from the sale will be used for research and development, and on expanding overseas manufacturing sites. The stock is due to start trading on October 28. The company's Shanghai-listed shares have risen 37 percent this year.

Also debuting in Hong Kong next week will be shares in communications equipment distributor CIG Shanghai, Beijing-based AI company Deepexi Technology and Bama Tea.

China Exports of Industrial Magnets Drop

China's exports of rare earth industrial magnets fell 6 percent in September from August, with shipments to the US down 29 percent. In the first nine months of the year, exports of the magnets fell 7.5 percent from a year earlier. The magnets are critical in production of hard disk drives, wind turbines, cordless power tools, MRI scanners and other items. Total exports of rare earth and related products in September were up by 7.6 percent year on year, and up by 3.1 percent for the first nine months.

Chinese, which produces 87 percent of the world's supply of the magnets, recently announced tighter export controls over rare earths, which include the magnets, resulting in a flare-up of US-China trade tensions.

To counter China's grip on the supply chain, Australia and the US on Monday signed a multibillion-dollar agreement for Australia to provide the US with critical industrial minerals, including rare earths and lithium. The pact was finalized during meeting between Australian Prime Minister Anthony Albanese and US President Donald Trump at the White House. The agreement calls for each country to invest up to US$1 billion in mining and refining projects valued at up to US$8.5 billion in the next six months.

Unitree Launches Lifelike H2 Robot

Hangzhou-based Unitree unveiled its next-generation H2 humanoid robot, which features a new bionic face and a more humanlike design. Standing 180 centimeters tall and weighing 70 kilograms, the H2 robot features 31 joints, up from 23 in the previous H1 model, enabling smoother, more coordinated movements. Demonstrations showcased the robot dancing and performing martial arts routines. The H2 represents Unitree's high-end robotics line, complementing the recently released 1.2-meter high R1 robot aimed at developers and educational markets. Under Unitree's dual strategy, the R1 lowers barriers for research, while the H2 targets advanced commercial applications. Unitree is planning an initial public offering in Hong Kong later this year.

Economy & Markets

China's Central Bank Keeps Lending Rates Steady

The People's Bank of China kept its benchmark lending rates unchanged for a sixth-straight month. The one-year lending rate, a benchmark for corporate and consumer loans, stays at 3 percent, and the five-year rate, used in calculating mortgages, remains at 3.5 percent.

Japan Leads Asian Stock Market Rallies

Asian stocks surged Monday, fueled by political optimism in Japan and modestly positive economic data from China. Japan's Nikkei 225 jumped 3.4 percent to a record after Liberal Democratic Party leader Sanae Takaichi signed an agreement with the right-wing Innovation Party that positions her to become the nation's first female prime minister. She is expected to implement market-friendly policies, including low interest rates and increased government spending.

The benchmark Shanghai Composite rose 0.63 percent after the government reported 4.8 percent growth in the third quarter and industrial production rose more than expected in September. Hong Kong's Hang Seng gained 2.4 percent, and South Korea's Kospi added 1.8 percent.

China Pops US Helium Balloon

China is not only weaning itself from reliance on US-made chips and soybeans amid trade tensions. It has also found new sources of helium to replace shipments from the US. As recently as 2022, China was 95 percent dependent on imports of US helium, used in a variety of industrial applications that include quantum computing, rocket technology and MRI machines. It now imports only 5 percent after enhancing its own production and increasing supplies from Russia and Qatar.

Corporate

Apple IPhone 17 a Big Market Hit

The Apple iPhone 17 series is enjoying twice the sales of the 16 series last year, according to a comparison of their debut month in China and the US by data firm Counterpoint. It said sales of the series 17 phones since their launch last month in the two biggest markets have risen 31 percent. That's good news for Apple, which has been losing domestic market share to Chinese smartphone makers this year.

Separately, a group of 55 Chinese iPhone and iPad users filed an antitrust complaint against Apple with China's market regulator. The complaint alleges the Apple maintains a monopoly over iOS app distribution in China, forcing users to purchase digital goods exclusively through its system.

JD Health Opens First Aesthetics Shop

JD.com's healthcare arm has opened its first bricks-and-mortar shop entirely dedicated to aesthetic medicine. The new JD Health store in Beijing reported being fully booked this month. Aesthetic medicine focuses on treatment of scars, sagging or discolored skin, wrinkles, moles, liver spots, unwanted hair and other issues of personal appearance. China's aesthetics market, which includes botulinum toxins, hyaluronic acid and collagen stimulators, is expected to exceed 380 billion yuan (US$52.3 billion) in value by 2027, according to a report by Deloitte China. In investing in the sector, JD.com is hoping to leverage its huge e-commerce user base for clients.

Silan Microelectronics Plans Chip Factory

Hangzhou-based Silan Microelectronics said it plans to invest 20 billion yuan (US$2.8 billion) with municipal-backed partners to build a factory in the southeastern city of Xiamen to produce 12-inch high-end, analog integrated circuit chips. The first phase of the project will begin construction by the end of the year, with production start in the fourth quarter of 2027 and full production to be completed 2030. About 40 percent of the financing, the company said, will be from bank loans.