China’s industrial output and retail sales rise
China’s economic growth rate is again gaining momentum, as the government released strong industrial output and retail sales figures.
London: China’s economic growth rate is again gaining momentum, as the government released strong industrial output and retail sales figures.
According to the official data from the National Bureau of Statistics Industrial, production rose by 10.1 percent in November, compared with a year earlier.
This was better than expected, and the strongest performance since March, the BBC reports.
At the same time, China’s retail sales increased by 14.9%. This was also the best showing for eight months, the report said.
The official economic data are the first to be released since the Communist Party appointed its new leaders last month.
According to the report, the figures will be good news for them, and also for the world economy, as China’s factory output is indicative of global demand for the country’s consumer products.
Until the end of September, China had seen seven consecutive quarters of a slowing economic growth rate, due to both falling exports and weak domestic demand, the report said.
The data for the current three months from October to December will be released in the New Year, the report added.