China's Economic Recovery Gains Momentum with Strong Retail Sales and Industrial Growth
China's retail sales and industrial production in October exceeded expectations, with retail sales growing by 7.6% and industrial production rising by 4.6% year-on-year. However, investment in real estate declined by 9.3%, worsening the drag on the sector. The urban unemployment rate remained unchanged at 5%. The recovery in domestic tourism spending was observed, but the real estate market continues to face challenges. The International Monetary Fund (IMF) raised its growth forecast for China to 5.4% for 2023 and 4.6% for 2024, citing Beijing's policy support. Real estate and related sectors have accounted for about a quarter of China's GDP, but their share has declined to about 22% this year.
- China retail sales, industrial data grow faster than expected in October CNBC
- China’s economic recovery uneven as property downturn goes on, retail sales rise South China Morning Post
- China’s October annual Retail Sales jump 7.6%, Industrial Production rise 4.6% FXStreet
- China's economy to thrive with implementation of robust macro policies Global Times
- View Full Coverage on Google News
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