Former Deputy National Security Adviser Katie McFarland discusses how the Biden administration will handle trade negotiations with China.
BEIJING – China’s factory output rose faster than expected in October and retail sales continued to improve at a slower-than-expected pace as the world’s second-largest economy emerged from its Covid-19 recession.
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Year-on-year industrial production rose 9.9% in October from a year earlier, data from the National Bureau of Statistics showed on Monday compared to September gains. Analysts surveyed by Reuters had expected a 6.5% increase.
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Other Asian economic powerhouses, which have seen Japan’s economy grow at its fastest quarter on record, have also seen encouraging figures emerging from the depths of their epidemic.
Epidemic paralysis seen earlier this year in China’s industrial sector has led to an impressive reversal, aided by resilient exports.
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Now, with coronavirus largely under control in China, consumers are re-opening their wallets to boost activity.
China’s economic growth in the fourth quarter will accelerate from the third quarter, said Fu Linghui, a spokesman for the National Bureau of Statistics.
The service industry is showing good recovery momentum, with consumption prospects improving, Fue said.
Retail sales grew 3.3% per year, missing analysts’ forecasts for growth of .9%, but faster than growth of 3. %% in September.
China’s auto industry has seen strong 12.5 percent growth in October vehicle sales due to rising demand for electric cars and trucks.
Domestic tourism also saw a sharp rise since the Golden Week holiday last month, although last year’s levels were still low.
Fixed assets investment increased by 1. %% in January-October compared to the same period last year, compared to the forecast of 1.6% growth in the first nine months of the year and growth of 8. %%.
