China's Economic Resilience Shines: Surges in Retail Sales and Industrial Output Defy Expectations
China defies market expectations with a robust economic performance in October, as retail sales and industrial production exhibit impressive growth, signaling resilience amid economic challenges.
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China reported strong retail sales and industrial data for October, exceeding market expectations. According to the National Bureau of Statistics, retail sales witnessed a substantial year-on-year surge of 7.6%, marking the 10th consecutive month of ascending retail turnover. This remarkable growth outpaced projections, as market estimates had anticipated a 7% annual increase.
Simultaneously, China's industrial production demonstrated a significant uptick, rising by 4.6% from the previous year, surpassing economists' predictions of a 4.4% annualized increase. The month-on-month analysis revealed a 0.4% increase in industrial output for October.
Moreover, the statistical authority reported that the urban unemployment rate for October remained stable at 5%, holding steady compared to the preceding month of September.
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