Chinese economic data released yesterday showed that key metrics such as industrial output and investment beat expectations last month, but retail sales fell to a five-month low as the economy continues to face pressures on demand.
Industrial output grew 5.9% in October, according to the National Bureau of Statistics, surpassing estimates from a Reuters poll of 5.7%.
Fixed-asset investment growth, which fell to record lows earlier this year, accelerated to 5.7%, also beating forecasts. Private sector investment, which constitutes 60% of China’s total investment, was up 8.8% in the first ten months of 2018 compared with a year earlier, extending from 8.7% for the first three quarters.
Growth in infrastructure spending, a recent priority of government efforts, rose to 3.7% in the January to October period, from 3.3% through to September.
Other key metrics, notably retail sales, were not so positive. Consumption growth slowed to 8.6% in October from 9.2% in September, below estimates of 9.1% from analysts.