China’s consumers are gradually picking up the baton from the traditional economic engines of manufacturing and real estate, data released on Wednesday show, as the painful rebalancing process inches ahead.
The slowdown of factory activity and construction pushed Chinese gross domestic product growth to its lowest annual pace since 2009 in the third quarter at 6.9 per cent, and the latest data suggest these sectors have not yet bottomed out.
Urban fixed-asset investment grew at an annual rate of 10.2 per cent in the first 10 months of the year, the slowest pace since 2000 and the 17th straight month of declines, according to the statistics bureau. Industrial production, a gauge of the manufacturing sector, matched the six-year low of 5.6 per cent annual growth touched in April.