Industrial output grew 4.6% year-on-year, marking the strongest growth since April, while retail sales rose 7.6%, the fastest growth since May.
Real estate investment sank 9.3%.
Sales of passenger cars rose 10.2% in October over a year earlier.
China's economy in October showed signs of revival with industrial output and retail sales growth exceeding expectations, despite a sluggish property sector. Industrial output grew 4.6% year-on-year, marking the strongest growth since April, while retail sales rose 7.6%, the fastest growth since May. This improved economic data also reflects lower rates of growth a year earlier. However, the property sector remains a concern with real estate investment sinking 9.3%.
Despite these positive indicators, some analysts remain cautious due to the ongoing property sector crisis and lack of major reforms. Other indicators for October showed muted growth momentum with weak household borrowing, lower consumer prices, and persistent factory deflation. Sales of passenger cars, a key indicator of consumer confidence, rose 10.2% in October over a year earlier, adding to the signs of economic recovery.
Overall, China's recovery from the pandemic has been fitful, though recently activity has revived, leading many economists to upgrade their estimates for growth this year to above the government's target of about 5%. However, the economy expanded at a 4.9% annual pace in July-September, slower than the 6.3% annual growth rate of the previous quarter, indicating that the recovery is still uneven.
The improved economic data from October also reflect lower rates of growth a year earlier.
Overall, China's recovery from the pandemic has been fitful, though recently activity has revived, leading many economists to upgrade their estimates for growth this year to above the government's target of about 5%.