China's Industrial Production Slows in October

October Data Suggest Softer Economic Growth

China's coal production rose in October from a year earlier, government data sowed on Tuesday, with miners ramping up output ahead of the winter heating season.

China's industrial production rose 6.2 percent in October year-on-year, falling by 0.4 percentage point from last month, data from the National Bureau of Statistics showed on Tuesday. (Note that a year ago, October retail sales disappointed consensus while November surprised sharply to the upside.) Also, while this shopping spree was initiated by online shops, increasingly traditional stores are being forced into offering discounts on the day to stay in competition.

Lastly, the fixed-asset investments, excluding the rural household, was up by 7.3% for the first 10 months of 2017 and have managed to match most, if not all, of the analysts' and economists' forecasts and expectations.

China's economy has surprised financial markets with robust growth of almost 6.9% in the first nine months of this year, underpinned by a recovery in its manufacturing and industrial sectors, thanks to a government-led infrastructure spending spree, a resilient property market and unexpected strength in exports. That has supported the world economy as the Asian giant has continued to hoover up commodities and consumer goods, helping to stoke underlying global demand for cars and smartphones to TVs and industrial products.

"We must be aware that China is at a pivotal stage for transforming its growth model", NBS spokeswoman Liu Aihua said in a statement.

"These drags continue to be partly offset by still strong infrastructure spending". The figures were relatively close to the forecasted figure which was at 6.3% and it is keeping track of the country's residual growth plan. Most China observers say Beijing would not risk a sharp slowdown in growth through its debt and pollution clampdown given a major focus on creating jobs. Retail sales growth has hovered in the 10% to 11% range for the last two years, in a sign of resilient domestic demand.



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