China Industrial Output, Investment Beat Forecasts; Retail Sales Miss Expectations

BEIJING, China — China's industrial output grew 5.9 percent in October from a year earlier and fixed-asset investment rose 5.7 percent in the first 10 months, both above forecasts, but retail sales rose less than expected last month, data showed on Wednesday.

Analysts polled by Reuters had predicted industrial output growth would dip to 5.7 percent from 5.8 percent in September.

Investment growth had been expected to pick up slightly to 5.5 percent in the first 10 months of the year, from 5.4 percent in January-September.

Private-sector fixed-asset investment rose 8.8 percent in January-October, compared with an increase of 8.7 percent in the first three quarters, according to official data.

Private investment accounts for about 60 percent of overall investment in China.

Retail sales rose 8.6 percent in October from a year earlier. Analysts had expected them to rise 9.1 percent, slowing from 9.2 percent in September.

With US trade duties threatening to ratchet up pressure on China's already slowing economy, its policymakers have shifted focus in recent months to growth-boosting measures, from ramping up infrastructure spending to cutting taxes and fees. But analysts say it will take some time before the economy begins to steady.

By Ryan Woo; editor: Kim Coghill