The Chinese government commented on the data: domestic demand is still insufficient but improving.

After the release of high-impact economic data for China in October, the National Bureau of Statistics discussed its forecasts for the economy during a press conference held on Friday. The spokesperson for the Chinese statistics office stated that although domestic demand in the country remains weak and insufficient, it is showing a clear improvement.

The key points from the bureau’s press conference today included:

• We noticed that key economic indicators have recovered significantly in October, although demand is still insufficient.
• Consumer sentiment in China improved during October.
• This positive trend in data will aid economic recovery.
• Recent policies have had positive effects on the economy.
• We have growing confidence in achieving the economic growth target for 2024.
• Positive factors in the economy are increasing and will provide strong support for growth in the fourth quarter.
• The real estate market in China is stable.
• There are early signs of stability in property prices.
• Recently, cash flows for real estate developers in China have improved.
• Supportive policies for the Chinese real estate market are showing positive effects.
• We are optimistic about the future direction of the real estate market.
• Consumer prices in China are expected to maintain modest increases for some time.
• Consumption growth still faces some constraints.
• The Chinese government will work to enhance household income and encourage trade among consumer goods.