China’s October data show rises in spending, shipping and AI investment

China’s economy kept growing steadily in October, according to high-frequency data on consumption, trade and investment released on Friday, 13 November, the state news agency Xinhua reported. The figures were compiled by the State Information Center, which is part of the National Development and Reform Commission, China’s main economic planning body.

Consumption-related payments in shops and other physical outlets rose 2.6% year on year in October, the centre said. Geng Dewei, a researcher at the centre, said spending on services in clothing, food, housing, transport and tourism had improved at the same time.

Ports and new industries

The deadweight tonnage of cargo ships leaving China’s major ports rose 59.1% year on year in October, a growth rate 5.9 percentage points higher than in September. The value of contracts for new infrastructure projects linked to computing power and data rose 45.4%, while capital investment in areas such as artificial intelligence and humanoid robots jumped 307.4%.

A target of 4.5% to 5%

Beijing has set a growth target of 4.5% to 5% for 2026. Gross domestic product grew 4.5% year on year in the third quarter, up from 4.3% in the second. Last week the State Council, China’s cabinet, called for faster work on major infrastructure projects, from water and power to computing and logistics networks.

China’s National Bureau of Statistics has not yet published its full October figures on industrial output and retail sales.