China reports better-than-expected retail sales and industrial production data

China reported better-than-expected retail sales and industrial production for September.

The National Bureau of Statistics said retail sales rose 3.2% from a year ago, better than the 2.5% growth forecast by analysts in an LSEG survey. That was also a faster increase than last month’s 2.1% growth rate.

Meanwhile, industrial production rose 5.4% in September from a year earlier, higher than the 4.5% expected by analysts.

From January to September, fixed investment rose 3.4% year-on-year, in line with expectations.

China also reported an urban unemployment rate of 5.1% in September, down 0.2 percentage points from the previous month.

The data comes after a series of recent announcements from authorities as Beijing seeks to boost consumption and shore up its flagging real estate sector.

Investors had long waited for stimulus measures as economic growth slowed in the world’s second-largest economy and China struggled to recover from Covid-19 lockdowns.

Markets have been volatile as investors assess the announcements and seek further details on implementation.

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