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Former Deputy National Security Advisor KT McFarland on how the Biden administration will handle trade talks with China.
BEIJING – Production at Chinese factories grew faster than expected in October and retail sales continued to recover, albeit at a slower pace than expected, as the world’s second-largest economy emerged from its COVID-19 slump .
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Industrial production climbed 6.9% in October from a year earlier, according to data from the National Bureau of Statistics on Monday, in line with September’s gain. Analysts polled by Reuters had expected a rise of 6.5%.
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The bullish figures came as other Asian economic powers also emerged from their pandemic depths, with the Japanese economy recording its fastest quarterly growth on record.
China’s industrial sector has seen an impressive turnaround after the pandemic paralysis seen earlier this year, aided by resilient exports.
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Now, with the coronavirus largely under control in China, consumers are once again opening their wallets to give business a new boost.
China’s economic growth in the fourth quarter will accelerate from the third quarter, Fu Linghui, spokesperson for the National Bureau of Statistics, told reporters at a briefing.
The outlook for consumption is improving, with the service sector showing good recovery momentum, Fu said.
Retail sales rose 4.3% year on year, missing analysts’ forecasts for 4.9% growth, but faster than the 3.3% increase in September.
The Chinese auto industry saw robust 12.5% growth in vehicle sales in October thanks to growing demand for electric cars and trucks.
Domestic tourism also saw a strong rebound during the Golden Week holidays last month, although levels were still much lower than last year.
Investments in fixed assets rose 1.8% in January-October compared to the same period last year, compared to the forecast for growth of 1.6% and an increase of 0.8% over the years. first nine months of the year.
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