Pictured here is a development project in Shanghai under construction on November 4, 2024.
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BEIJING – China's National Bureau of Statistics is scheduled to release data on retail sales, industrial production and fixed asset investment for October on Friday.
Retail sales are expected to rise to 3.8% year-on-year, according to analysts polled by Reuters, after rising 3.2% in September.
The survey showed that industrial production is expected to rise by 5.6%, compared to 5.4% in the previous month.
Investment in fixed assets, reported on an annual basis, is expected to register 3.5% growth over last year, up from a 3.4% pace in September, according to the survey.
Chinese authorities have stepped up stimulus announcements since late September, sending stocks higher. The central bank cut interest rates and expanded existing real estate subsidies.
On the financial front, the Ministry of Finance announced last week a five-year program worth 10 trillion yuan ($1.4 trillion) to address local government debt problems, and hinted at the possibility of providing more financial support next year.
Manufacturing surveys pointed to a rebound in activity last month, while exports rose at their fastest pace in more than a year.
But imports declined as domestic demand remained weak. The core CPI, which excludes more volatile food and energy prices, rose 0.2% in October from a year ago, slightly better than the 0.1% increase seen in September.
Aside from a trade-in program to encourage sales of cars and home appliances, Beijing's stimulus measures have not directly targeted consumers.
China's Golden Week holiday in early October underscored a trend toward more cautious consumer spending, but several consultants said sales during the Singles' Day shopping festival, which ended recently, exceeded lowered expectations.
The country's GDP grew in the first three quarters of the year by 4.8%. The country has set a growth target of about 5% this year.
This is a developing story. Please check back later for updates.
