NBS data showed the country's economic rebalancing and industrial upgrades continued apace, injecting vitality into the economy.

Excess capacity cuts have exceeded targets in the bloated steel and coal sectors, while advanced capacity steadily expanded its share.

Corporate leverage was down. Industrial firms above a designated size saw their combined debt ratio fall 0.6 percentage points year on year to 55.7 percent by the end of September.

High-tech industries and equipment manufacturing saw their output jump 13.4 percent and 11.5 percent year on year, respectively, in the January-October period, outpacing the overall industrial output growth.

Despite the slowdown in the October indicators, employment remained stable. Nearly 12 million new jobs were created in cities during the January-October period, already exceeding the annual target of 11 million.

Citing pressure such as slowing credit growth as China focused on financial stability and deleveraging, and a downturn in the real estate sector, UBS economist Wang Tao expected China's GDP growth to slow modestly to 6.6 percent in the fourth quarter from 6.8 percent in the third quarter.

"Resilient consumption and a positive net trade contribution should offer some support... and we see macro policies staying largely stable," said Wang in a report.

Wang said the drive to contain financial risk and supply-side structural reform, including excess capacity reductions and stricter environmental rules, may weigh on growth.

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