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China releases promising economic data

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Encouraging economic data released by China has indicated recovery may be in sight.

According to the figures, retail sales, industrial production and fixed-asset investment increased by more than expected last month when compared with those recorded in 2011.

Indicating that domestic demand was holding up despite the current economic climate, the statistics were announced as the country’s growth rate hit a three-year low.

In addition, China’s inflation rate fell during October, which has made room for policymakers to bring in measures that will encourage further growth.

The government has slashed interest rates on two occasions since June, while also lowering the amount of money financiers require to boost lending.

Commenting on the findings, Fraser Howie – co-author of Red Capitalism – told BBC News – said: “Clearly the lower inflation rate gives them room to proceed with more stimulus measures and growth drivers.”

Consumer prices in China rose by 1.7 per cent from the previous year, representing the slowest rate since January 2010.

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