Asia’s economic recovery puts China’s factory output above expectations

October had seen China’s factory output advanced faster than what was initially thought. More so, retail sales accelerated as the country’s emergence from its coronavirus-driven contraction gained momentum.

According to data from the National Statistics Bureau, industrial production in the world’s second-biggest economy recorded a 6.9% growth from a year ago. The figure came in line with September’s record, placing above the 6.5% increase predicted by economists in a Reuters survey.

The strong reading was released as other powerhouse economies across Asia emerged from their pandemic-driven downturn. In addition to this, Japan reported the fastest quarterly expansion its economy had monitored.

Backed by strong exports, China’s industrial sector recuperated from the coronavirus drag seen earlier this year. As the pandemic was put under control in China, consumer spending was monitored advancing in a bid to ramp up the country’s economic activity.