China’s industrial production increased in September, but retail sales declined

China’s National Bureau of Statistics reported that industrial production rose 6.3% in September, compared with a 4.2% increase in August.

In September, retail sales in China increased by only 2.5% year-on-year. Growth thus slowed from 5.4% in August.

Fixed capital formation increased by 5.9% in the first nine months of this year, while the unemployment rate rose to 5.5% in September.

In addition, new home prices fell 0.2% month-on-month in September, following declines of 0.3% in August and 0.3% in September. On a year-over-year basis, new home prices fell 1.5% in September, following a 1.3% decline in August.

The data reflect that China’s real estate market remains in a difficult situation due to many people’s refusal to pay their mortgages, COVID-19 containment measures, and the economic slowdown. These factors have undermined confidence in China’s real estate market.

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