Economic Expansion in October, Driven by Gains in Manufacturing and Retail Sector
The economy experienced growth in October, driven by a significant uptick in both manufacturing and retail sectors.
TroibNews 
China experienced stable growth momentum in October, with the retail and manufacturing sectors showing accelerated performance, as reported by the National Bureau of Statistics on Friday.
In October, retail sales of consumer goods reached 4.54 trillion yuan, marking a year-on-year increase of 4.8 percent, which is a 1.6-percentage-point rise from September. Notably, sales of household appliances surged by 39.2 percent, fueled by proactive upgrade and trade-in programs.
Additionally, the country's foreign trade totalled 3.7 trillion yuan in October, reflecting a 4.6 percent increase from the previous year. Mechanical and electrical products represented 59.4 percent of total exports, which increased by 8.5 percent.
During the first ten months of the year, fixed asset investment rose by 3.4 percent year on year, bolstered by rapid growth in high-tech industries. Investment in high-tech sectors grew by 9.3 percent year on year, with high-tech manufacturing and high-tech services seeing rises of 8.8 percent and 10.6 percent, respectively.
The urban surveyed unemployment rate decreased by 0.1 percentage point from the previous month, standing at 5.0 percent.
Furthermore, October saw ongoing developments in the real estate market, as banks and local governments made policy adjustments to stimulate activity. In first-tier cities like Shanghai and Shenzhen, sales prices for new commercial housing increased by 0.3 and 0.1 percentage point month-on-month, respectively.
As the drop in average residential sales prices in 70 medium and large-sized cities across China begins to stabilize, experts anticipate a gradual improvement in the real estate market over the next 12 to 18 months. Bruce Pang, chief economist at JLL Greater China, shared this outlook with CN.
Alejandro Jose Martinez for TROIB News
In October, retail sales of consumer goods reached 4.54 trillion yuan, marking a year-on-year increase of 4.8 percent, which is a 1.6-percentage-point rise from September. Notably, sales of household appliances surged by 39.2 percent, fueled by proactive upgrade and trade-in programs.
Additionally, the country's foreign trade totalled 3.7 trillion yuan in October, reflecting a 4.6 percent increase from the previous year. Mechanical and electrical products represented 59.4 percent of total exports, which increased by 8.5 percent.
During the first ten months of the year, fixed asset investment rose by 3.4 percent year on year, bolstered by rapid growth in high-tech industries. Investment in high-tech sectors grew by 9.3 percent year on year, with high-tech manufacturing and high-tech services seeing rises of 8.8 percent and 10.6 percent, respectively.
The urban surveyed unemployment rate decreased by 0.1 percentage point from the previous month, standing at 5.0 percent.
Furthermore, October saw ongoing developments in the real estate market, as banks and local governments made policy adjustments to stimulate activity. In first-tier cities like Shanghai and Shenzhen, sales prices for new commercial housing increased by 0.3 and 0.1 percentage point month-on-month, respectively.
As the drop in average residential sales prices in 70 medium and large-sized cities across China begins to stabilize, experts anticipate a gradual improvement in the real estate market over the next 12 to 18 months. Bruce Pang, chief economist at JLL Greater China, shared this outlook with CN.
Alejandro Jose Martinez for TROIB News
