11-16-2023, 11:53 AM
China's economic recovery gains pace in Oct with forecast-beating retail sales, industrial output data
![[Image: 8a20804e-4e38-43fa-97d2-a39f74aa7069.jpeg]](https://www.globaltimes.cn/Portals/0/attachment/2023/2023-11-10/8a20804e-4e38-43fa-97d2-a39f74aa7069.jpeg)
China on Wednesday reported better-than-expected retail sales and industrial data for October, underscoring that the world's second-largest economy has been "running on abundant steam" to maintain the strong recovery momentum through the year despite multiple impediments including subdued global demand, flared-up geopolitical tensions and a slowing property sector.
With a raft of fiscal and financial stimulus to bear more fruits and a tone-setting meeting that outlines top policy priorities for the coming months, Chinese observers predict that the country's GDP growth could reach 5 percent or above in the fourth quarter, depending on how the 1-trillion-yuan ($138 billion) special treasury bonds issuance could be executed in 2023 and 2024.
The upbeat economic readings indicate that China is on track to meet the annual GDP growth target of around 5 percent for 2023. It arguably also speaks volume for the prodigious role that China is set to play in the global economic axis this year, which analysts said would prickle every lie fabricated by Chinese doomsayers - ranging from the "economic collapse" rhetoric to the hype of "economic slump rippling across the globe."
In October, China's value-added industrial output increased by 4.6 percent year-on-year, beating market expectation of 4.3 percent, according to data released by the National Bureau of Statistics (NBS) on Wednesday. The index is also higher than a reading of 4.5 percent in September.
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With a raft of fiscal and financial stimulus to bear more fruits and a tone-setting meeting that outlines top policy priorities for the coming months, Chinese observers predict that the country's GDP growth could reach 5 percent or above in the fourth quarter, depending on how the 1-trillion-yuan ($138 billion) special treasury bonds issuance could be executed in 2023 and 2024.
The upbeat economic readings indicate that China is on track to meet the annual GDP growth target of around 5 percent for 2023. It arguably also speaks volume for the prodigious role that China is set to play in the global economic axis this year, which analysts said would prickle every lie fabricated by Chinese doomsayers - ranging from the "economic collapse" rhetoric to the hype of "economic slump rippling across the globe."
In October, China's value-added industrial output increased by 4.6 percent year-on-year, beating market expectation of 4.3 percent, according to data released by the National Bureau of Statistics (NBS) on Wednesday. The index is also higher than a reading of 4.5 percent in September.
- More -