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China economy cools in October amid slowing major indicators
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CHINA’S economy continued to lose pace as major activity data moderated further in October, according to the National Bureau of Statistics yesterday.
The slowing growth in the world’s second-largest economy is unlikely to change in the fourth quarter, analysts said, as the government seems reluctant to ease policies such as cutting interest rates.
Industrial production grew 7.7 percent from a year earlier in October, down from the rise of 8 percent in September, while retail sales growth eased 0.1 percentage point to 11.5 percent, the official data showed.
Fixed-asset investment gained 15.9 percent in the first 10 months, hitting a 13-year low, compared with the 16.1-percent rise in the first three quarters.
Zhou Hao, an economist at Australia & New Zealand Banking Group Ltd, said the fundamentals have revealed economic growth was slowing.
“China’s activity data remained weak last month,” Zhou said. “The overall monetary policy and fiscal policy will remain supportive in the foreseeable future. However, there won’t be massive easing.”
During the just concluded APEC summit in Beijing, President Xi Jinping reiterated China’s “new normal” of economy, which features shifting from the previous high-speed growth to a medium-to-high pace of expansion.
Wendy Chen, an economist with Nomura, said the weaker-than-expected data suggested the efficacy of policy easing may have lessened.
“The headwinds from the property market correction, severe overcapacity in many upstream industries and an overleveraged corporate sector are very strong,” Chen said.
China’s gross domestic product grew 7.3 percent in the third quarter, the slowest in over five years, led by correction in the property sector.
In the first three quarters, China’s GDP rose 7.4 percent, in line with the government target of around 7.5 percent.
Media reports said the Chinese government may reduce next year’s economic growth target to 7 percent.
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