China entered the fourth quarter with a more balanced economy as consumption growth nearly caught up to factory output, in an upswing that now depends on how much more stimulus Beijing may deploy in the event of a tariff shock when Donald Trump returns to the White House in 2025.

The outlook is grim for the world’s second largest economy, with growth slowing and the prospect of a new trade war following Donald Trump’s electoral victory.

China’s economy likely gained momentum last month, with early indicators pointing to a rebound after the government began rolling out stimulus measures in late September.

China's factory output growth slowed in October and demand woes in the property sector showed few signs of abating even though consumers seemed to perk up a bit more, backing calls for more stimulus to get the economy firing on all cylinders.

Friday’s data shows that Beijing’s recent cascade of monetary and fiscal easing measures have yet to fully reinvigorate an economy weighed down by a yearslong property-sector slump.

China’s economy is trying to find its footing, but the numbers tell a story of progress mixed with setbacks. October’s industrial production rose 5.3% compared to the same month last year. While it’s a slight dip from September’s 5.