China’s key economic activity continued to slow in October as several major indicators posted multi-month or even multi-year lows, official data showed Thursday, reported Caixin.
Fixed-asset investment, a key driver of domestic demand that includes infrastructure investment, increased 5.2% year-on-year in the first 10 months of this year, according to data released by the National Bureau of Statistics (NBS). The cumulative reading marked the fourth straight monthly deceleration, and the lowest growth rate since the whole of 1995, according to NBS data compiled by economic data provider CEIC. It missed a median forecast of 5.3% growth by a Caixin poll of economists.
Government-driven infrastructure investment rose 4.2% year-on-year in the first 10 months of the year, down from a 4.5% pace in the first nine months and falling behind market expectations that growth in infrastructure investment could rise moderately as authorities channel more funds to the sector.