Chinese Investment Bounces in October

Fixed asset, private fixed asset and real estate investment bounced in October, but all are still below the cumulative growth trend.

Some line items that stick out in the fixed asset investment report: ferrous metals extraction up 3.8% (all numbers yoy cumulative through October); non-ferrous metals extraction down 2.2%; coal extraction down 7%; ferrous metals smelting and processing down 6%; non-ferrous metals smelting and processing up 6.1%; foreign investment down 0.2%.

From the industrial production report, these are one month changes yoy: cement down 1.1%; plate glass down 6.7%. Both are real estate related.

All data from the NBS.

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