October industrial growth falls to 7-year low

Industrial growth in October fell to its lowest level in seven years, in another sign that China’s economy is facing a slowdown, the Financial Times reported. Industrial production grew by 8.2% year-on-year in October, compared with 11.4% in September and 17.8% in March. Steel production dropped by 17% and power generation fell for the first time in a decade. Analysts told the paper that the slowing production reflected weakness in the export sector and the real estate sector, which are the two main engines of growth for the Chinese economy. The government also announced that fiscal revenues decreased by 0.3% in October, the first decline since 1996. Fiscal revenues had increased by 33% in the first half of the year.