China's recovery has gathered pace with solid expansion in industrial production and exports, official data revealed last week, offsetting concerns that the ongoing economic restructuring could further suppress growth.
The data brings in some cheer to the party leaders, who have gathered in Beijing to hash out fresh round of reforms for the economy. The third plenum meeting of the 18th Communist Party of China, or CPC, kicked off in the capital on Saturday.
The National Bureau of Statistics said Saturday that China's industrial production grew 10.3 percent year-on-year in October, slightly faster than a 10.2 percent increase in September. Output was up 9.7 percent in the first ten months of the year.
Growth in retail sales was solid, yet flat at 13.3 percent in October. In January-October, sales grew 13 percent compared with the same period last year, NBS said.
Fixed asset investment rose 20.1 percent in the year through October, almost steady compared with 20.2 percent increase in the year ended September.
China's trade data showed stronger-than-expected rebound in exports in October. Figures from the General Administration of Customs on Friday revealed that the trade surplus more than doubled to $31.1 billion in October.
The country's exports grew 5.6 percent year-on-year in October and imports were up 7.6 percent.
Meanwhile, though the agenda for the third plenum of the CPC remain undisclosed, a press release is expected to be published at the end of the meeting on November 12. Xinhua news agency reported Saturday that the summit will discuss "major issues concerning comprehensively deepening reforms."
In a speech last week, Premier Li Keqiang said that China may need a growth rate of 7.2 percent in order to create sufficient jobs in the economy. He also noted that short-term stimulus to boost economic expansion will not be sustainable in the longer-term.
China's gross domestic product expanded 7.8 percent year-on-year in the July-September period, the fastest pace this year, government data showed last month.
On Saturday, the NBS also revealed that inflation rose to an 8-month high in October. Nonetheless, it remained within the 3.5 percent target, providing room for policymakers to focus on maintaining growth.
Consumer prices increased 3.2 percent year-on-year in October, faster than a 3.1 percent rise in September.
Producer prices fell 1.5 percent annually following a 1.3 percent drop in the previous month. It was the 20th consecutive month of declining producer prices.
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