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China: China's industrial production grew 10.3 % year-on-year in October,

2013/11/12

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 increase.

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 conference 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 % year-on-year in October, slightly faster than a 10.2 % increase in September. Output was up 9.7 % in the initial ten months of the year.

Increase in retail sales was solid, from presently on flat at 13.3 % in October. In January-October, sales grew 13 % compared with the same period last year, NBS said.

Fixed investment asset rose 20.1 % in the year through October, almost steady compared with 20.2 % increase in the year ended September.

China's trade data showed stronger-than-expected rebound in exports in October. Figures from the General Government of Customs on Friday revealed that the trade surplus additional than doubled to $31.1 billion in October.

The country's exports grew 5.6 % year-on-year in October and imports were up 7.6 %.

Meanwhile, though the schedule for the third plenum of the CPC remain undisclosed, a press release is expected to be published at the end of the conference 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 increase rate of 7.2 % in order to create sufficient jobs in the economy. He as well 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 % year-on-year in the July-September period, the fastest pace this year, government data showed last month.

On Saturday, the NBS as well revealed that inflation rose to an 8-month high in October. Nonetheless, it remained within the 3.5 % target, providing room for policymakers to focus on maintaining increase. Consumer prices increased 3.2 % year-on-year in October, faster than a 3.1 % rise in September.

Producer prices fell 1.5 % annually following a 1.3 % drop in the previous month. It was the 20th consecutive month of declining producer prices.

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