empty
 
 

2020.11.1606:33:00UTC+00China Industrial Production, Retail Sales Increase In October

China industrial production and retail sales logged robust growth in October as the economy shrugged off the negative impact of Covid-19, data revealed Monday. Industrial production grew at a steady pace of 6.9 percent annually in October, the National Bureau of Statistics said. This was faster than the expected increase of 6.5 percent.

Retail sales advanced 4.3 percent on year in October, better than September's 3.3 percent increase but slower than the economists' forecast of 4.9 percent.

During January to October period, fixed asset investment grew 1.8 percent from the same period last year versus the expected increase of 1.6 percent.

The unemployment rate fell marginally to 5.3 percent from 5.4 percent in the previous month. The rate came in line with economists' expectations.

The economic growth is expected to be faster in the fourth quarter, Fu Linghui, a spokesman for the National Bureau of Statistics, told reporters.

Driven by domestic consumption and global demand for medical equipments, the economy had expanded 4.9 percent on a yearly basis in the third quarter.

The International Monetary Fund had upgraded China's growth projection for this year to 1.9 percent from 1 percent. Growth is forecast to zoom to 8.2 percent in 2021.

Policy stimulus continued to boost investment and industrial output while growth in real retail sales and services activity returned to pre-virus levels, Julian Evans-Pritchard and Sheana Yue, economists at Capital Economics, said.

The upshot is that the negative shock to the labor market and service sector from Covid-19 now appears to have fully reversed.

As consumption still has room to strengthen further in the near-term and supportive fiscal policy keeping activity in industry and construction strong, the economists expect a period of above-trend economic growth in the coming quarters.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback