China’s retail spending jumped last month but the property sector remained under pressure despite a barrage of stimulus efforts as policymakers battled to restore confidence in the world’s second-largest economy.
Retail sales rose 4.8 per cent year on year in October, according to official data released on Friday by China’s National Bureau of Statistics, the highest rise in eight months. Industrial production added 5.3 per cent, trailing forecasts of 5.6 per cent, according to a Reuters poll of analysts.
New home prices across 70 major cities dropped 0.5 per cent compared with September, according to Financial Times calculations based on NBS data, the 16th straight month of declines.
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