China’s factory output grew faster than expected in October, data from the National Bureau of Statistics of China (NBS) showed. According to the data, industrial production in China rose 6.9% year-on-year last month, beating analysts’ estimates of a 6.5% expansion. The upbeat figure came as other Asian economies recovered from the coronavirus slump with Japan posting its sharpest quarterly increase on record.
Resilient exports have been underpinning China’s industrial production. Now, domestic consumers are increasing their spending as the coronavirus is mostly under control in China. Chinese smelters and refineries ramped up production last month as economic recovery boosted demand for aluminium and fuels. Upward momentum in the service sector is expected to accelerate growth in industrial production through the end-year.
Retail sales increased by 4.3% year-on-year as consumers boosted spending. This marked the fastest growth for this year although missed forecasts for a 4.9% increase. Improved consumer spending was also reflected in China’s auto sales which rose 12.5% year-on-year in October, thanks to higher demand for electric vehicles. The Golden Week holiday last month also boosted domestic tourism, although it remained below last year’s levels.
Tags: All Products,AlwaysFree,Asia Pacific,China,English,NEANovember 17, 2020 9:44 AM (GMT+8)