China’s economy showed continued signs of recovery in October, bolstered by a series of incremental policy measures aimed at boosting market confidence, according to key economic data released by the National Bureau of Statistics (NBS) on Friday.
Industrial output, a key indicator of activity in manufacturing, mining, and utilities, grew by 5.3% in October compared to the same month last year, slightly down from a 5.4% increase in September. This growth highlights ongoing momentum in the industrial sector, which has seen sustained recovery following earlier economic challenges.
Retail sales, a critical measure of consumer spending, saw a notable increase, rising by 4.8% year-on-year in October, up from a more modest 3.2% in September. The boost in consumer demand signals improving confidence in the domestic economy.
Investment in fixed assets, which includes spending on infrastructure, property, and machinery, grew by 3.4% year-to-date through October, maintaining the same pace as in the first three quarters of the year. This steady performance reflects continued investment in key sectors vital for long-term economic growth.
The urban unemployment rate also showed improvement, with the surveyed jobless rate dropping to 5% in October from 5.1% in September, indicating some recovery in the labor market.
Despite the positive trends, the NBS warned of ongoing challenges, including a complex external environment and persistently weak domestic demand. The bureau emphasized the need for further policy actions to solidify the recovery and achieve the country’s economic and social development goals for the year.
The NBS has called for continued efforts to implement a comprehensive set of measures aimed at accelerating growth, underscoring the importance of a strong foundation for China’s economic recovery in the months ahead.