China’s retail sales growth slowed to 10% year-on-year in October, reveals government data. The industrial output growth in October matched the previous month’s figure at 6.1%, states the National Bureau of Statistics (NBS).
Total retail sales, a key measure of consumer spending, reached 3.1 trillion yuan ($45 billion) last month, with online retail sales accounting for an increased share of the total.
As growth remains sluggish, Beijing is seeking to make a difficult transition away from dependence on exports and heavy industry towards consumption as the key driver of the economy, but the process is proving rather difficult.
According to the NBS statement, “The national economy, under the continuing effect of a series of policies, has maintained the momentum of moderate but stable development,” NBS said in a statement. The policies of “cutting overcapacity, reducing inventory, deleveraging, lowering costs and strengthening weak links” influenced the results.
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