China’s economy performed better than expected in October as retail sales climbed and energy shortages eased, though a slump in property and rising Covid outbreaks show the recovery isn’t on solid ground yet.
Industrial output rose 3.5% in October from a year earlier, while retail sales growth accelerated to 4.9%, beating economists’ forecasts. Growth in fixed-asset investment eased to 6.1% in the first 10 months of the year, with tighter curbs on the real estate market continuing to weigh on the sector. The surveyed jobless rate was steady at 4.9%.
