China October coal output climbs year-on-year ahead of heating season

China October coal output climbs year-on-year ahead of heating season

China's producer prices, for instance, were surprisingly strong in October, while profits at the country's industrial heavyweights surged 27.7 per cent in September, the most in almost six years.

China's fixed-asset investment growth could quicken, the country's statistics bureau said on Tuesday, after a deceleration in January-October suggested Beijing has pared back some stimulus.

Investment also saw slightly slower growth of 7.3 percent year-on-year in the first 10 months of this year, falling by 0.2 percentage point from that of the first nine months, according to the NBS. According to a researcher at Bank of China Ltd.'s Institute of International Finance in Beijing, Gao Yuwei, "Today's data look a little slower because we had better readings in September, but it doesn't indicate the economy's going down", and "China will end the year with a good performance".

China's economy has surprised financial markets with robust growth of almost 6.9% in the first nine months of this year, underpinned by a recovery in its manufacturing and industrial sectors, thanks to a government-led infrastructure spending spree, a resilient property market and unexpected strength in exports.

Economic growth is within a reasonable range, Liu Aihua, a spokeswoman at NBS, told reporters.

Retail sales, which includes spending by households, government departments and businesses, rose 10% in October, the lowest rate since 9.5% in the January-February period and missing analysts' median projection of a jump of 10.5%.

The economy was resilient in the first half partly due to a government-led infrastructure spending spree.

Factories also closed during last month's Communist Party congress, during which President Xi Jinping called for more efforts to protect the environment.

Industrial production thus slowed last month from 6.6 percent in September as the government moved to wind down output at some steel factories and smelters in a drive to clean up the nation's smog-ridden cities. That leaves policy makers walking a tight rope as China continues to rebalance its economic drivers away from investment and exports toward domestic demand. This distortion is becoming larger with the rapid growth of online sales - Alibaba's single day sales reached Rmb168 bn this year, up 39.4% from last year. "The economy is fundamentally strong in other areas.industrial production is only moderating, it's still at really high levels", SHKF's Short said.

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