BEIJING, Nov 16 (.) – China’s industrial production grew faster than expected in October, while retail sales continued to rebound, albeit less than expected, as the world’s second-largest economy takes off again after the impact of the COVID-19 pandemic.
Industrial production rose 6.9% year-on-year in October, data from the National Statistics Office showed on Monday, in line with September’s advance. Analysts polled by . had expected a 6.5% improvement.
After the pandemic paralyzed large sectors of the economy this year, the industrial sector has undergone an impressive change, helped by exports.
Now, with the coronavirus largely under control in China, consumers are spending again in a new boost to economic activity.
Retail sales rose 4.3% year-on-year, below analysts’ forecast for 4.9% growth, but above the 3.3% rise in September. Meanwhile, the auto industry posted solid 12.5% growth in vehicle sales in October.
Investment in fixed assets increased 1.8% in January-October compared to the same period last year, compared to the expected growth of 1.6% and a rise of 0.8% in the first nine months of the year.
Investment in fixed assets by the private sector, which represents 60% of total investment, fell 0.7% in the January-October period, compared to a drop of 1.5% in the first nine months of the year.
China’s economic recovery appears to be accelerating in the fourth quarter, thanks to a rebound in demand and strong credit growth, but the increase in coronavirus infections in Europe and the United States has led to new lockdown measures, tarnishing the global picture. (Reporting by Gabriel Crossley and Kevin Yao; Edited in Spanish by Javier Leira)