A significant rebound in retail sales in China, but industrial production is slowing down.

Official data released by the National Bureau of Statistics in China this morning showed that retail sales in China grew by about 4.8% in October on a year-on-year basis, which was higher than the expectations that forecasted a growth of 3.8%. It also exceeded the previous reading, which indicated a 3.2% growth in Chinese retail sales in September. On the other hand, the data from the bureau indicated that industrial production growth in China slowed in October, recording a growth of 5.3% on a year-on-year basis, slightly below market expectations of 5.5%. Industrial production in China had registered a growth of 5.4% in the previous September. Additionally, the National Bureau of Statistics reported that the unemployment rate in the People's Republic of China decreased in October to 4.0%, while it was expected to remain stable at the level of 4.1% recorded in the previous September. At the same time, investment in fixed assets in China registered a growth of 3.4% from the beginning of the year until the end of October, on a year-on-year basis. This was lower than market expectations which predicted a growth of 3.5%. The previous reading also recorded an increase of 3.4%.