China retail sales grow, industrial output slows

Growth in China's factory output eased in October while that for retail sales edged up and investment inched lower, indicating persistent downward pressures on the economy.

Retail sales growth continued to pick up, expanding at 11% in October, compared with 10.9% in September. Analysts had forecast growth of 10.9% in October.

Factory output grew slower than expected at an annual 5.6% in October, National Bureau of Statistics data showed on Wednesday, missing a Reuters forecast of 5.8% and down from 5.7% in September.

Wednesday's mixed activity data came on the heels of muted inflation and disappointing trade figures. October trade figures widely missed forecasts, with exports falling 6.9 percent and imports tumbling 18.8 percent.

The effects of China's slowdown have also spilled over to the country's once-resilient retail industry.

E-commerce giant Alibaba reported the lowest growth rate in transaction volume in three years in October, citing lukewarm consumption in the country.

Chester Liaw, economist at Forecast Pte Ltd in Singapore said continued resilience on retail sales "is in stark contrast to slumping industrial production, which will further reinforce the authorities claim that growth drivers are shifted towards domestic drivers.

A vice finance minister assured reporters on Tuesday that the country is confident of achieving economic growth of around 7 percent this year, which would be the slowest pace of expansion in a quarter of century.