China Industrial Production Beats Expectations in October, Retail Sales Rise
Chinese industrial production grew more than expected in October, while retail sales also rose past expectations.
Chinese industrial production grew more than expected in October, while retail sales also rose past expectations as continued stimulus measures from Beijing appeared to be boosting local demand to some degree.
Industrial production grew 4.6% in October from the prior year, data from the National Bureau of Statistics showed on Wednesday. The reading was more than expectations of 4.4%, and improved slightly from the 4.5% seen in September.
A bulk of the improvement was fueled chiefly by increasing local consumption, which in turn was supported by several liquidity measures undertaken by the government over the past quarter. Year-to-date industrial production grew 4.1%, improving slightly from the 4.0% seen in September.
But Chinese retail sales picked up pace in October, boosted largely by the Golden Week holiday at the beginning of the month. Retail sales grew 7.6%, beating expectations for a rise of 7.0% and accelerating from the 5.5% seen in the prior month.
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