This is in sharp contrast to many Western countries, which have been haunted by high inflation over the last 18 months.
China’s CPI had suffered a rare 0.3 per cent decline in July, but economists attributed the fall for the first time since 2021 to the high comparison base from a year earlier and also weak domestic demand.
But China’s imports in October rose for the first time in eight months, with the surprise 3 per cent year-on-year increase pointing to a potential rebound in domestic demand amid supportive government measures.
China’s economy grew by 1.3 per cent in the third quarter from the previous three months, and by 4.9 per cent year on year, and it is now expected to meet Beijing’s annual growth target of “around 5 per cent” this year.
Meanwhile, China’s producer price index (PPI) – which reflects the prices that factories charge wholesalers for products – fell by 2.6 per cent in October from a year earlier, compared to a fall of 2.5 per cent in September.
More to follow …
