The activity data is centred on 3 indicators: industrial production, retail sales and fixed asset investment.
A beat for retail sales (a consumption indicator rising is good news for China)
- service consumption grew at a faster pace than goods consumption
A beat also for IP.
The official data is point to more signs of a sustained recovery in China's economy.
National Bureau of Statistics (NBS) comments:
- foundation of economic recovery is yet to be consolidated
- expects China's price situation to improve, no deflation
- will be twists and turns in the economic recovery
- employment situation is generally stable
- property market is still in adjustment, transformation
More:
- Urban Unemployment (in 31 major cities) 5.0% vs prior 5.0%
- Apparent oil demand +10.9% y/y
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The first week of October marked the big public holiday for China, known as Golden Week.
