China’s economic recovery strengthened in October, with consumer spending picking up steadily and industrial production and investment rising faster than expected.
Industrial output rose 6.9% in October from a year earlier, versus a median estimate for a 6.7% increase, the National Bureau of Statistics said Monday. Retail sales growth accelerated to 4.3% from 3.3% in September, though missing expectations for a 5% increase.
The data shows China’s recovery is well on track, supported by stimulus policies, strong export demand and the nation’s success in containing the spread of the coronavirus. The People’s Bank of China on Monday injected more liquidity into the financial system, helping to maintain the economic recovery.