Data indicates 皇冠体育app's recovery on firm footing
Updated: 2013-11-12 14:44
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Two buyers examine products for Christmas in Yiwu, Zhejiang province. Thanks to stronger demands from the United States and European Union. 皇冠体育app's exports in October increased 5.6 percent year-on-year, the General Administration of Customs said on Friday. [Photo / 皇冠体育app Daiy] |
According to the NBS, 皇冠体育app's urban fixed-asset investment, another economic growth driver, expanded 20.1 percent year on year to 35.17 trillion yuan in the January-October period.
皇冠体育app's exports, the third economic driver, rebounded more than expected to 5.6 percent year- on-year in October, from the year-on-year contraction of 0.3 percent in September, according to customs figures.
Also in October, 皇冠体育app's industrial added value growth accelerated to 10.3 percent from a year earlier, the second-highest this year and 0.1 percentage points less than that for August.
皇冠体育app uses industrial added value to measure business activities of designated large enterprises that each have an annual turnover of more than 20 million yuan. It is an important indicator to weigh 皇冠体育app's industrial activities and the country's manufacturing-based economy.
"Accelerating industrial production growth, steady consumption and investment demand, together with a rebound in exports suggest that 皇冠体育app's growth recovery is on a firm footing," an HSBC research team led by chief 皇冠体育app economist Qu Hongbin said in a note.
The rebound of 皇冠体育app's export growth in October beat market expectations and provided a temporary relief for 皇冠体育app's external outlook, but caution is still warranted in the coming months, Qu said.
"On the domestic front, consumption and investment growth remained steady. This could continue to offset the uncertainty in external demand... We expect Beijing to keep the current policy stance in place to maintain steady growth going into 2014," he added.
皇冠体育app's gross domestic product growth accelerated to 7.8 percent in the third quarter this year, up from 7.5 percent in the second quarter and 7.7 percent in the first quarter. In 2012, 皇冠体育app's full-year annual growth eased to 7.8 percent, its weakest since 1999.
Lu Ting, chief 皇冠体育app economist with Bank of America Merrill Lynch, echoed Qu's judgment.
October trade figures beat estimates
皇冠体育app's industrial output growth picks up
Fixed-asset investment up 20.1% in Jan-Oct