China's economy maintained steady growth in October, driven by strong retail and manufacturing performance, the National Bureau of Statistics reported.
Retail sales of consumer goods increased to 4.54 trillion yuan (approx. $649 billion), marking a 4.8 per cent year-on-year rise, up 1.6 percentage points from September. Sales of household appliances soared 39.2 per cent, fueled by upgrade and trade-in incentives.
Foreign trade grew by 4.6 per cent year on year, reaching 3.7 trillion yuan, with mechanical and electrical products comprising 59.4 per cent of exports, up 8.5 per cent. Fixed asset investment rose 3.4 per cent in the first 10 months, led by a 9.3 per cent increase in high-tech industries, including 8.8 per cent in manufacturing and 10.6 per cent in services.
Urban unemployment dropped to 5.0 per cent, down 0.1 percentage points month-on-month. The real estate sector showed signs of recovery, with slight price rises in key cities like Shanghai and Shenzhen. Analysts expect further improvement in the property market over the next 12-18 months as supportive policies take effect.
