China Q3 GDP: Finance sector grows 4.1%, real estate down 0.4%

The split captures a structural rotation rather than a cyclical one: finance is expanding while real estate, long the economy's growth anchor, contracts slightly. That divergence matters for RWA and tokenization narratives, where the pitch often rests on real estate as the obvious first collateral class — a shrinking sector complicates that story. The open question is whether the finance-side expansion reflects genuine activity or margin effects, and whether real estate's decline deepens or stabilizes next quarter.