China's Oct data shows soft economic underbelly, backs calls for more stimulus

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The Star 4h ago

China's Oct data shows soft economic underbelly, backs calls for more stimulus - The Star

Quick Summary:

BEIJING: China's factory output growth slowed in October and demand woes in the property sector showed few signs of abating even though consumers seemed to perk up a bit more, backing calls for more stimulus to get the economy firing on all cylinders.

Beijing has set a roughly 5% gross domestic product growth target for the year, though a Reuters poll last month forecast the pace to slightly undershoot the goal and slow further to 4.5% in 2025.

In its latest measures, the country's top legislative body approved a 10 trillion yuan ($1.4 trillion) package last week to ease local government "hidden debt" burdens, rather than directly injecting money into the economy as some investors had hoped.