Mainland Factory Output, Retail Sales Beat Forecasts

China's industrial output and retail sales grew more quickly than expected in October, despite fresh curbs to control Covid-19 outbreaks and supply shortages, but the slowing property sector weighed on the economic outlook.

Output grew 3.5 percent in October from the same period a year ago, official data showed on Monday, accelerating from a 3.1 percent increase in September.

Retail sales rose 4.9 percent year-on-year in October, beating expectations for 3.5 percent growth and after a 4.4 percent increase in September.

Data from the National Bureau of Statistics showed property investment and sales growth continued to slow over January-October compared with the first nine months, and new construction starts measured by floor area fell. (Reuters)