China’s October factory output falls below estimates in Oct
On a monthly basis, factory output rose 0.52% in October from September. The country’s retail sales were up 11.5% in October, slowing from 11.6% posted in the previous month.
China’s fixed-asset investment increased 15.9% in the January-October period of this year compared with the same period of 2013, the lowest level for around 13 years.
Economists noted that November could show even slower growth as factories in the north close for pollution control around Beijing. These economists blamed the weak property sector and tight credit conditions for the slowdown in the economy. It was noted that growth in real estate investments is down to 12.4% in the first ten months of 2014 compared to last year. New construction has fallen, although property sales have improved slightly as the government moved to lower mortgage rates. Nevertheless, market watchers feel the measure will not be enough to account for the glut of unsold units in the market and expect the sector to remain weak into 2015.
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