China’s retail sales growth hits 7-month high on stimulus, property drag continues

China’s consumption posted strong growth in October on the back of Beijing’s stimulus measures, increasing hope the world’s second-largest economy can accomplish its annual economic growth target.

The reading beat expectations of 3.9 per cent growth projected by economists polled by Chinese financial data provider Wind.

China’s overall fixed assets investment, including major items such as infrastructure construction, manufacturing and property spending, rose by 3.4 per cent in the first 10 months of the year, unchanged from January to September.

Property investment, which has been a major drag of the economy, fell by 10.3 per cent year on year in the first 10 months of the year, compared with the 10.1 per cent fall in the first three quarters of this year.