Ro­bust econ­omy slows in Oc­to­ber

China Daily (Hong Kong) - - FRONT PAGE - By LI XIANG lix­i­ang@chi­

China’s eco­nomic ac­tiv­ity mod­er­ated in Oc­to­ber as data from the Na­tional Bureau of Sta­tis­tics showed on Tues­day, but the coun­try’s over­all eco­nomic strength re­mains ro­bust and is on track to achieve whole-year growth tar­gets, an NBS of­fi­cial said.

In­dus­trial pro­duc­tion grew by 6.2 per­cent year-on-year in Oc­to­ber, miss­ing an­a­lysts’ forecast of 6.3 per­cent and falling by 0.4 per­cent­age point from last month, ac­cord­ing to the NBS.

Fixed-as­set in­vest­ment also saw weaker growth of 7.3 per­cent year-on-year in the first 10 months of this year, com­pared with 7.5 per­cent dur­ing the first nine months.

The prop­erty sec­tor cooled, as in­vest­ment growth eased to 7.8 per­cent year-on-year in the first 10 months while re­tail sales growth mod­er­ated to 10 per­cent year-on-year in Oc­to­ber, down by 0.3 per­cent­age point from last month.

Liu Ai­hua, an NBS spokes­woman, said that fluc­tu­a­tions of the eco­nomic data in Oc­to­ber did not change the over­all trend of China’s steady eco­nomic growth with im­proved qual­ity and ef­fi­ciency.

Steady pro­duc­tion growth,

en­tered the sec­ond week.

The two re­main at log­ger­heads on key is­sues such as cli­mate fi­nanc­ing and pre-2020 ac­tions, ac­cord­ing to Xie.

De­vel­oped na­tions pledged to pro­vide $100 bil­lion to help poorer coun­tries tackle cli­mate change, but the widen­ing fi­nanc­ing gap due to the US withdrawal has yet to be filled by other de­vel­oped na­tions.

Some de­vel­oped na­tions refuse to put more ef­forts on cut­ting car­bon emis­sions in the com­ing years, as there are no bind­ing tar­gets set in the Paris Agree­ment be­fore 2020.

“There is no time for cli­mate lag­gards,” Xie said. “We need to put things onto the ta­ble and sin­cerely work to solve them.”

Top cli­mate of­fi­cials from China, the Euro­pean Union and Canada, rep­re­sent­ing three dif­fer­ent blocs, held a con­fer­ence on the side­line of the cli­mate talks on Mon­day, but no for­mal re­sults were re­leased after the meet­ing was de­layed for more than an hour.

EU com­mis­sioner on cli­mate Miguel Arias Canete said he ex­pected more re­sults in the com­ing days as talks at the po­lit­i­cal level get un­der­way.

Chai Qimin, direc­tor of the in­ter­na­tional co­op­er­a­tion depart­ment of the Na­tional Cen­ter for Cli­mate Change Strat­egy and In­ter­na­tional Co­op­er­a­tion, said de­vel­oped na­tions should come out with

con­crete steps for pre-2020 ac­tions as soon as pos­si­ble dur­ing the con­fer­ence, as few want to leave progress un­til the last minute.

“With­out con­tin­ued fi­nan­cial sup­port from de­vel­oped na­tions, poor na­tions will be ex­posed un­der se­vere cli­mate risks,” said Guo Hongyu, a se­nior re­searcher at the NGO Green­o­va­tion Hub. “We will face more dif­fi­cul­ties in the post-2020 pe­riod if prob­lems dur­ing 2020 are not ad­dressed.”

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