China data shows economic recovery gaining pace
(REUTERS) - China's economy strode further along the road of recovery from its slowest growth in three years, data for October showed on Friday, as infrastructure investment accelerated and output from the country's factories ran at its fastest in five months.
Commerce Minister Chen Deming fuelled expectations of a strengthening cyclical rebound when he revealed that October exports had expanded by more than 11 per cent year-on-year, well above consensus forecasts of economists polled by Reuters who expected official data on Saturday to show a 9.0 per cent rise.
The uptick in key economic activity indicators last month, after signs of a rebound emerged in September data, cemented the view of many analysts and investors that China's rebound was now gathering momentum thanks to a raft of pro-growth policies rolled out by the government in recent months.
"It's pretty clear that there is no hard landing risk, that the economy will improve in the fourth quarter and we're going to see 9 percent year-on-year growth in the first half of next year," Mr Dariusz Kowalczyk, senior economist and strategist for non-Japan Asia, Credit Agricole CIB, told Reuters.