Signs of improvement in China’s economy in October
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China’s economy showed signs of improvement in October. Retail sales and manufacturing have picked up, although the property sector remains sluggish. The government gave this information on Wednesday.
Factory output rose 4.6 percent in October from a year earlier, while retail sales rose 7.6 percent. However, real estate investment declined by 9.3 percent.
Officials acknowledged the industry is still trying to adjust. The industry fell into crisis two years ago due to excessive borrowing by developers and then the global pandemic.
China’s economy slowed in the summer as global export demand faltered and the property sector deteriorated further. According to official data, the economy grew at an annual pace of 4.9 percent in July-September, better than analysts’ forecast of about 4.5 percent.
However, this is much lower than the 6.3 percent annual growth rate of the previous quarter. The world’s number two economy is gaining momentum again. Chinese President Xi Jinping will meet US President Joe Biden on Wednesday on the sidelines of the Pacific Rim Summit in California.
People have a lot of expectations from this also. Liu Aihua, spokesman for the National Bureau of Statistics, repeatedly stressed China’s adoption of a new growth model during talks with reporters in Beijing. The economy continues to improve under “effective” policies, although progress in its growth remains difficult, he said.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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