China's National Bureau of Statistics (NBS) deputy chief comments:
- September economic indicators showed positive changes
- China's foreign trade situation this year better than expected
- Foundation for economic recovery not solid yet
- Will speed up implementation of a basket of policy measures
The data from China today began with that showing new home prices fell at the fastest rate since 2015:
China's 3Q GDP:
- China Q3 GDP 4.6% y/y (expected 4.5%) 0.9% q/q (expected 1.0%)
- slightly better than expected y/y
Retail sales much better than expected, and industrial output also:
The improvements in this last lot of data came for the period pretty much preceding the first 'stimulus' announcement (September 24). That's encouraging. I guess China will argue the stimulus, which so many were disappointed in, is sufficient.
