Pictured here is a project under construction in Shanghai on November 4, 2024.
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BEIJING – China’s National Bureau of Statistics will release October retail sales, industrial production and fixed investment figures on Friday.
Retail sales are expected to have grown 3.8% year-on-year after rising 3.2% in September, according to analysts polled by Reuters.
Industrial production was expected to rise 5.6%, the poll showed, up from 5.4% the month before.
According to the poll, fixed asset investment, reported on an annual basis, is expected to grow 3.5% from a year ago, up from 3.4% in September.
Chinese authorities have stepped up stimulus announcements since late September, fueling a stock market rally. The central bank has lowered interest rates and expanded existing real estate support.
On the budget front, the Finance Ministry last week announced a five-year program worth 10 trillion yuan ($1.4 trillion) to tackle local governments’ debt problems, and hinted that more budget support could come next year.
Manufacturing sector surveys showed activity increased last month, while exports rose at the fastest pace in more than a year.
However, imports fell as domestic demand remained weak. The core consumer price index, which excludes more volatile food and energy prices, rose 0.2% in October from a year ago, modestly better than September’s 0.1% gain.
Other than a trade-in program to encourage sales of cars and home appliances, Beijing’s incentives are not aimed directly at consumers.
China’s Golden Week in early October confirmed a trend in more cautious consumer spending, but several advisers said sales during the Singles Day shopping festival, which ended recently, had exceeded low expectations.
The country’s gross domestic product grew by 4.8% in the first three quarters of the year. The country has set itself a target of growth of around 5% for this year.
This is a development story. Check back later for updates.