Data shows Chinese economy expanded in October

Industrial and consumer data showed China’s economy expanded in October, signaling an economic revival after almost two years of sluggish growth, The Wall Street Journal reported. Industrial production increased 9.6% year-on-year in October, outpacing 9.2% annual growth in September, figures published Friday showed. Retail sales increased 14.5% year-on-year in October compared with a 14.2% annual gain in September. The property market is also gathering momentum, a separate report showed. Sales of residential and commercial housing totaled US$742.2 billion this year from January through October, up 5.6% compared to the same period last year, according to data published Friday by the National Bureau of Statistics. Investment in property development in China increased 15% in the ten-month period, while growth in housing prices slowed due to ongoing government measures to limit mortgages and house purchases.