China's economy is still tracking toward its 2025 growth target, but the picture got messier in Q4. Latest data shows momentum slowing more than expected heading into year-end, which is raising some eyebrows about what comes next.

The numbers tell an interesting story—policy support is keeping the bigger picture on track, yet underlying weakness in consumer spending and industrial output is hard to ignore. For market watchers, this backdrop of steady-but-softening growth matters. It shapes everything from capital flows to risk appetite in emerging markets and beyond.

The darkening outlook suggests headwinds could persist through early 2025. That's the kind of macro shift that tends to ripple through crypto markets eventually, even if not immediately.