China’s factory output rose faster than expected in October and retail sales sped up, as the recovery from its COVID-19 slump gathered momentum.
Industrial production climbed 6.9% in October from a year earlier, data from the National Statistics Bureau showed on Monday, in line with September’s gain and faster than the 6.5% rise expected in a Reuters poll of analysts.
The upbeat figures came as other Asian powerhouses also climbed out from their pandemic depths with Japan’s economy reporting its fastest quarterly growth on record.
China’s industrial sector has staged an impressive turnaround from the pandemic paralysis seen earlier this year, helped by resilient exports. Now, with the coronavirus largely under control in China, consumers are opening up their wallets again in a further boost to activity.