China's Economy in October: Growth Rate Has Declined

Concerns About Slowing Growth in the Chinese Economy

In China, industrial production and retail sales recorded their lowest growth rate in the past year in October. Increasing supply and demand pressures threaten the future of growth, intensifying the pressure to revive the $19 trillion export-oriented economy.

Decline in Industrial Production

According to data from the National Bureau of Statistics, China’s industrial production grew by 4.9% year-on-year as of October 2023. This rate is recorded as the weakest annual increase since August 2024. In September, a growth of 6.5% was observed.

Declining Trend in Retail Sales

Retail sales, regarded as a consumption indicator, increased by 2.9% in October 2023. This is considered the lowest increase since last August. In September, a growth of 3.0% had occurred. Economists had predicted a 2.7% increase for the month of October.

Uncertainties for the Future

With increasing economic pressures, Chinese policymakers are expected to implement new measures to support growth. However, current data indicates that more effort is needed for the economy to recover.