China’s industrial output and retail sales expanded at a faster rate than expected in October despite new curbs to control COVID-19 outbreaks and supply constraints. CSI 300 Index down -0.12%, CNY USD down -0.09%
- Output expanded 3.5% in October from the same period a year ago, rising from a 3.1% increase in September.
- The industrial output growth surpassed expectations of a 3.0% year-on-year increase but remained the second-lowest rate this year.
- The world’s second-largest economy had posted an impressive recovery from 2020 but lost steam as it struggled with the slowing manufacturing sector, the debt crisis in the property market, and COVID-19.
- Louis Kuijis, head of Asia economics at Oxford Economics, stated that the economic growth momentum remained slowed in October, with the real estate downturn hampering the industry.
- The National Bureau of Statistics (NBS) indicated that retail sales accelerated despite China imposing new curbs to fight an increase in new COVID-19 cases in the North.