Chinese Industrial Production Grew Sharply Than Expected In October

Chinese Industrial Production Grew Sharply Than Expected In October

Chinese industrial production grew sharply than expected in October. Industrial production rose 6.9% year on year in October, the same as in September, according to the Chinese statistical office. Economists expected an increase of only 6.5%. Statistics also said that investment in fixed assets increased by 1.8% in October after + 0.8% in the previous month, while it was expected to improve by only 1.6%. Retail sales increased by 4.3% in October after an increase of 3.3% in September. Economists predicted + 4.9%. The unemployment rate fell to 5.3% from 5.4% in September. "Current data indicates that the broad-based acceleration of the Chinese economy continued in October," said Julian Evans-Pritchard of Capital Economics. "The stimulus continued to support increased investment and industrial production, with retail sales growth and service activity returning to pre-pandemic levels."