China economy stabilises as spending, power supply picks up

This undated photo shows a tourist shops at a duty-free store in Hainan province. - China Daily

BEIIJING (Bloomberg): China’s economy performed better than expected in October as retail sales climbed and energy shortages eased, partly offsetting a slump in property.

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, compared with a forecast of 6.2%. The surveyed jobless rate was steady at 4.9%.