China’s consumer and industrial activity expanded faster than expected in October, adding to hopes of improvement as the economy continues to grapple with a property slowdown, weak trade and an incomplete recovery from the coronavirus pandemic, reports the Financial Times. Retail sales expanded 7.6% year on year last month, according to official statistics released on Wednesday, compared with forecasts of 7% in a Reuters poll of economists and up from a 5.5% increase in September.
Industrial production climbed 4.6%, marginally exceeding expectations of a 4.4% rise and a 4.5% increase in September as it notched its fastest growth since April.
The monthly gauges, which benefited from a comparison with the final stages of China’s restrictive zero-Covid policy last year, were closely watched for signs of a turnaround in the world’s second-largest economy.