MNI BRIEF: China Oct Retail Sales Surge On Holiday, Trade-ins
China's consumption rebounded more than expected in October, driven by a week-long National Day holiday and the ongoing consumer trade-in programme, though production and investment performance were mediocre, data released by the National Bureau of Statistics on Friday showed.
Retail sales rose 4.8% y/y in October to hit an eight-month high, surging from September's 3.2% gain and beating the 3.8% forecast. Retail sales grew 3.5% y/y in Jan-Oct, higher than the 3.3% in Jan-Sep.
Industrial production increased 5.3% y/y in October, edging down from September's 5.4% growth and missing the expected 5.5%. Industrial output grew 5.8% in Jan-Oct, unchanged from the previous read.
Fixed-asset investment registered a 3.4% y/y increase in the first 10 months, unchanged from the reading over Jan-Sep and lower than the 3.5% consensus. Property investment fell by 10.3% to hit the lowest since February 2020, dipping further from the previous 10.1% decline. Infrastructure investment and manufacturing investment grew by 4.3% and 9.3%, compared with the previous 4.1% and 9.2%.