China to release October retail sales and industrial production data | Wilnesh News

BEIJING – China’s National Bureau of Statistics is scheduled to release October retail sales, industrial production and fixed asset investment data on Friday.

Analysts polled by Reuters said retail sales are expected to rise 3.8% year-on-year, following a 3.2% rise in September.

The survey shows that industrial production is expected to grow 5.6%, up from 5.4% last month.

The survey shows that fixed asset investment so far this year is expected to increase by 3.5% annually, up from 3.4% in September.

Since late September, Chinese authorities have stepped up stimulus efforts, driving stocks higher. The central bank has cut interest rates and extended existing housing support.

On the fiscal front, the Ministry of Finance last week announced a five-year 10 trillion yuan ($1.4 trillion) plan to address local government debt problems and hinted that more fiscal support may be provided next year.

Manufacturing surveys showed activity picked up last month, while exports surged at the fastest pace in more than a year.

However, imports fell as domestic demand remained weak. Excluding volatile food and energy prices, the core consumer price index rose 0.2% year-on-year in October, slightly better than September’s 0.1% increase.

Apart from trade-in programs to encourage sales of cars and appliances, Beijing’s stimulus measures have not been directly targeted at consumers.

China’s Golden Week holiday in early October confirmed a trend toward more cautious consumer spending, but several consultants said sales during the recently concluded Singles’ Day shopping festival were lower than expected.

In the first three quarters, gross domestic product grew by 4.8%. The country has set a growth target of around 5% this year.

This is a development story. Please check back later for updates.