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China's economy shows further improvement

Updated : 2023-11-16
By Ouyang Shijia

China's economy improved further in October, with some key economic data released on Wednesday showing signs of continued recovery.

Figures released by the National Bureau of Statistics showed China's value-added industrial output - a gauge of activity in the manufacturing, mining and utilities sectors - grew by 4.6 percent from a year earlier in October, up from the 4.5 percent rise in September.

Retail sales, a key measurement of consumer spending, grew by 7.6 percent year-on-year in October, up from the 5.5 percent growth in September.

In the January-October period, fixed-asset investment - a gauge of expenditures on items including infrastructure, property, machinery and equipment - grew by 2.9 percent compared with a year earlier, while, in the January-September period, it increased 3.1 percent year-on-year.

The surveyed urban jobless rate came in at 5 percent in October, flat with the figure in September, according to the NBS.

Despite fresh signs of stabilization, the NBS said the economy still faces many unstable and uncertain factors in the external environment while domestic demand remains insufficient.

The country will ensure the implementation of macro policies in place to consolidate the foundation for recovery, with a key focus on expanding domestic demand, boosting confidence and fending off risks, according to the NBS.

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