China’s factory output rose faster-than-expected in October and retail sales sped up, as the recovery in the world’s second-largest economy from its COVID-19 slump gathered momentum, reported Reuters.
Industrial production climbed 6.9% in October from a year earlier, data from the National Statistics Bureau showed on Monday, in line with September’s gain and faster than the 6.5% rise expected in a Reuters poll of analysts.
The upbeat figures came as other Asian powerhouses also climbed out from their pandemic depths with Japan’s economy reporting its fastest quarterly growth on record.
“The latest data suggest that the broad-based acceleration of China’s economy continued in October,” Julian Evans-Pritchard at Capital Economics said in a note. “Policy stimulus continued to boost investment and industrial output while growth in real retail sales and services activity returned to pre-virus levels.”