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In October 2024, China's economy showed mixed results in two key areas: industrial production and retail sales.
Industrial Production:
Growth was at 5.3% compared to last year's, which was lower than the expected 5.5% and a slight drop from 5.4% in September.
The slower growth is mainly due to weak local demand and lower spending. Although some parts of manufacturing are doing okay, overall industrial activity is struggling because of international problems and low domestic consumer spending.
Retail Sales:
Retail sales, on the other hand, increased by 4.8% year-on-year, much higher than the predicted 3.8% and a rise from 3.2% in September.
This boost in retail is largely due to the Golden Week holiday, which encouraged more spending, as well as recent government efforts to stimulate consumer habits.
Summary:
The economic data shows that while retail sales are strong, industrial production is not meeting expectations. This mixed performance highlights the need for government policies to improve local demand and support the manufacturing sector amid ongoing difficulties.
