Chinese industrial output surges to 19-month high
There is more good news for the world’s third largest economy today after China’s National Bureau of Statistics revealed a surge in industrial output.
Industrial output rose to a 19-month high of 16.1% in October compared with a year earlier, exceeding market forecasts of 15.5%.
Last month, official figures revealed that Chinese GDP growth surged to 8.9% in the July to September period, up from 7.9% in the April to June period.
The strong result was due to all sectors performing strongly and was the fastest GDP growth since quarter three last year.
Many analysts have described China’s recovery as ‘impressive’.
In order to boost the economy, the Government embarked on a massive stimulus package of infrastructure projects to create jobs and the economy appears to be in a better position that many of its counterparts throughout the world.
Meanwhile, retail sales in the world’s third largest economy also rose more than expected in October.
Retail sales rose 16.2% compared with a year ago and again beat forecasts of 15.8%.
According to the National Bureau of Statistics, the country’s latest economic data shows it is well on track to meet its target of 8% growth this year.
As a result of China’s ‘impressive’ growth, experts believe that over the next year or so, the economy is set to overtake Japan by becoming the world’s second largest.