China retail sales grow 10% on-year in October
Singles' Day -- named for the repeated digit 1 in the date November 11 -- was created by Alibaba in 2009. Photograph: (Getty)
China's retail sales growth rose to 10.0 per cent on-year in October, missing analysts’ forecasts of 10.7 per cent growth -- the rate sales grew at the previous month. Thus there was a slowdown in retail sales despite the growth.
Industrial output rose 6.1 per cent in October from a year earlier, the National Bureau of Statistics said, again below analysts’ estimates of 6.2 per cent.
The world’s second largest economy has been facing slowing growth of late.
China is predominantly an export-led economy but with global demand falling, the country needs to re-work its growth strategy. The country has been trying to move towards consumption-led growth but the transition has been bumpy.
Recent data points to the fact that China’s growth is increasingly dependent on government spending and ballooning debt as private investment hovers around record lows.
Last week, Alibaba's Singles’ Day festival posted record sales of $17.73 billion.
While sales were good, the day-long shopping gala saw slow growth as Chinese shoppers searched for heavier discounts and lower price tags.
China’s fixed asset investment rose by 8.3 per cent in the first ten months of the year, slightly higher than market expectations.