China industrial output, investment beat forecasts; retail sales miss expectations

[BEIJING] China's industrial output grew 5.9 per cent in October from a year earlier and fixed-asset investment rose 5.7 per cent in the first 10 months, both above forecasts, but retail sales rose less than expected last month, data showed on Wednesday.

Analysts polled by Reuters had predicted industrial output growth would dip to 5.7 per cent from 5.8 per cent in September.

Investment growth had been expected to pick up slightly to 5.5 per cent in the first 10 months of the year, from 5.4 per cent in January-September.

Private-sector fixed-asset investment rose 8.8 per cent in January-October, compared with an increase of 8.7 per cent in the first three quarters, according to official data.

Private investment accounts for about 60 per cent of overall investment in China.

Retail sales rose 8.6 per cent in October from a year earlier. Analysts had expected them to rise 9.1 per cent, slowing from 9.2 per cent in September.

With US trade duties threatening to ratchet up pressure on China's already slowing economy, its policymakers have shifted focus in recent months to growth-boosting measures, from ramping up infrastructure spending to cutting taxes and fees. But analysts say it will take some time before the economy begins to steady.

REUTERS