Growth shows re­cov­ery on track for 2016

China Daily (USA) - - FRONT PAGE - By XIN ZHIM­ING in Bei­jing xinzhim­ing@chi­

The Chi­nese econ­omy con­tin­ued to show signs of steady re­cov­ery in Oc­to­ber, and an­a­lysts said it is ex­pected to re­main sta­ble in the fourth quar­ter, with the year’s GDP growth set to ex­ceed the min­i­mum tar­get of 6.5 per­cent.

Fixed-as­set in­vest­ment growth rose to 8.3 per­cent yearon-year in the first 10 months, quick­en­ing by 0.1 per­cent­age point com­pared with the yearto-date av­er­age through Septem­ber, the Na­tional Bureau of Statis­tics said on Mon­day.

Prop­erty in­vest­ment rose by 13.4 per­cent in Oc­to­ber from a year ear­lier, com­pared with 7.8 per­cent growth in Septem­ber, ac­cord­ing to Reuters cal­cu­la­tions based on the NBS data. That’s de­spite the spate of poli­cies re­cently is­sued to tighten home buy­ing.

In­dus­trial out­put rose by 6.1 per­cent in Oc­to­ber, un­changed from the pre­vi­ous month, and re­tail sales growth cooled to a five-month low of 10 per­cent from 10.7 per­cent in Septem­ber.

“The fall­ing growth of con­sump­tion is mainly caused by the high base of com­par­i­son from last Oc­to­ber, and the trend will re­main sta­ble in the fourth quar­ter,” said Mao Shengy­ong, NBS spokesman. “It will not be a prob­lem for China to achieve this year’s GDP growth tar­get of 6.5 per­cent to 7 per­cent,” he told re­porters at a news briefing.

Fourth quar­ter growth is set to re­main sta­ble af­ter China’s GDP growth hit 6.7 per­cent year-on-year in each of the first three, said Hu Shaowei, an

It will not be a prob­lem for China to achieve this year’s GDP growth tar­get of 6.5 per­cent to 7 per­cent.” Mao Shengy­ong, Na­tional Bureau of Statis­tics spokesman

econ­o­mist with the eco­nomic fore­cast­ing de­part­ment of the China In­for­ma­tion Cen­ter.

“There could be some weak­en­ing of eco­nomic ac­tiv­i­ties in the fourth quar­ter, but it would be quite slight,” he said. “The whole year GDP growth could stand at 6.6 per­cent or 6.7 per­cent.”

Liu Dongliang, an an­a­lyst with China Mer­chants Se­cu­ri­ties, said: “The fixed-as­set in­vest­ment growth is im­pres­sive thanks to sup­port from ris­ing lo­cal gov­ern­ment ex­pen­di­tures, and by the year’s end, in­dus­trial pro­duc­tion and in­vest­ment growth will not see big fluc­tu­a­tions.

“A po­ten­tial con­cern comes from re­tail sales, and I’m not sure whether the fall in Oc­to­ber is caused by de­layed con­sump­tion ac­tiv­i­ties ahead of the Novem­ber 11th spend­ing spree .”

On­line shop­ping web­sites have made Sin­gles Day, on Nov 11, the coun­try’s largest an­nual e-shop­ping day. Many con­sumers opt to make ma­jor pur­chases that day to catch sales and spe­cials.

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