A raft of new data provided good news for China’s economy despite pressure from the US and Europe, its biggest trading partners.
China’s consumer inflation rate rose more than expected in November, hitting its highest level in 21 months and easing deflationary worries. The figure also signals that the Communist Party’s goal of boosting domestic consumption may be paying off.
Meanwhile, the International Monetary Fund revised China’s growth forecast upward, estimating the world’s second-biggest economy will expand by 5% this year, a figure that would meet Beijing’s goal. The IMF said Beijing’s resilience despite trade tensions led to the revision. However, some worries persist, including over excessive competition in certain industries.
