China's industrial production and retail sales grew less-than-expected in October, while fixed asset investment growth improved slightly, figures from the National Bureau of Statistics revealed Monday.
Industrial production increased 6.1 percent year-on-year in October, at the same pace of growth as seen in September. This was slower than the 6.2 percent expansion economists had expected.
At the same time, retail sales growth eased to 10 percent from 10.7 percent in September, signaling a slowdown in domestic demand. A similar growth was last seen in May. The annual pace of expansion was expected to stabilize at 10.7 percent.
During January to October, retail sales increased 10.3 percent from the same period of last year.
Meanwhile, fixed asset investment increased 8.3 percent in the January to October period compared to 8.2 percent growth registered during January to September.
Today's data suggest that the recent recovery in economic activity continued into the fourth quarter, Julian Evans-Pritchard, a China economist at Capital Economics, said.
The economist expects growth to hold up well for another quarter or two. However, with credit growth now slowing and the property market beginning to cool the drivers of the recent recovery look set to fizzle out early next year, he added.
China's economic growth stabilized at 6.7 percent in the third quarter on the back of domestic factors amid subdued global demand.
The government target full-year growth of 6.5-7 percent.
The Asian Development Bank projected China to expand 6.6 percent this year and 6.4 percent in 2017, as fiscal and monetary stimulus boost activity.
by RTT Staff Writer
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