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QINGDAO TODAY
在线翻译:
szdaily -> Business/Markets -> 
Economy shows signs of further weakness
    2019-11-15  08:53    Shenzhen Daily

CHINA’S factory output growth slowed significantly more than expected in October, as weakness in global and domestic demand and the drawn-out Sino-U.S. trade spat weighed on broad segments of the world’s second-largest economy.

Industrial production rose 4.7 percent year on year in October, data from the National Bureau of Statistics released Thursday showed, slower than September’s 5.8 percent.

Indicators showed other sectors also slowed significantly and missed forecasts with retail sales growth back near a 16-year trough and fixed asset investment growth the weakest on record.

The disappointing numbers show China off to a rough start in the final three months of 2019 and will bolster calls for the government to roll out fresh support after third quarter growth slowed to its weakest in almost three decades, with factory production bruised by the trade war with the United States.

“These data support our view that growth headwinds remain strong and the economy has yet to hit bottom,” said Nomura in a note, adding that GDP growth is expected to slow to 5.8 percent in the fourth quarter from 6 percent in the third quarter.

Broad activity in China’s factory sector remained weak in October, with producer prices falling at their fastest pace in more than three years and manufacturing activity mired in contraction for a six straight month, recent indicators showed.

Thursday’s data showed the value of delivered industrial exports fell 3.8 percent year on year in October, marking the third straight month of declines.

China’s steel output fell to a seven-month low in October while the cement production contracted for the first time in over a year, compared with a year earlier.

The tariff war between China and the United States has hit global demand, disrupted supply chains and upended financial markets.

Other major trading powers have also felt the blow from the dispute with Japan’s economy grinding to a near standstill in the third quarter, posting its weakest growth in a year.

Fixed asset investment, a key driver of economic growth, rose just 5.2 percent from the January-October period, against expected growth of 5.4 percent and the weakest pace since 1996.

Infrastructure investment rose 4.2 percent in the first 10 months, slowing from a 4.5 percent gain in the January-September period.

(SD-Agencies)

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