Numbers of the Week

48.5%

China's imports of iron ore in October grew a robust 48.5 percent year on year, but 30 percent less than that of September, said the General Administration of Customs.

150%

Poly Real Estate Group Co. Ltd., a leading Chinese listed developer, saw its sales value increase by more than 150 percent in the first 10 months of 2009 year on year.

TO THE POINT: The Chinese economy continues to gain momentum, as evidenced by October's economic figures that displayed significant improvement. Fund management companies bore the brunt of the stock market fluctuation as they incurred heavy losses. A new Chana Automobile will emerge after its parent company signed a restructuring agreement with Aviation Industry Corp. of China (AVIC), heeding government calls to consolidate the automobile industry. The e-commerce site Alibaba.com reported its worst profit in three quarters.

By HU YUE

Major October Economic Figures

CPI and PPI

China's consumer price index (CPI), a main gauge of inflation, dipped 0.5 percent year on year in October, the National Bureau of Statistics (NBS) said on November 11. The rate of decline was 0.3 percentage points lower than in September.

The producer price index (PPI), a measure of inflation at the wholesale level, dropped 5.8 percent in October from a year earlier, 1.2 percentage points lower than in September.

Foreign Trade

The country's exports dropped 13.8 percent in October year on year to $110.76 billion, while imports totaled $86.78 billion, representing a decline of 6.4 percent compared with the same period last year, said the General Administration of Customs.

Newly Added Loans

Newly added loans denominated in renminbi stood at 253 billion yuan ($37.06 billion), 52 percent less than that of September, said the People's Bank of China, the central bank.

Urban Fixed-Asset Investment

China's urban investment in fixed assets from January to October rose 33.1 percent year on year to 15.07 trillion yuan ($2.21 trillion), according to the NBS.

Recovery Underway

The strong performance of the Chinese economy in October is underpinning hopes that the downturn is fading fast.

Exports declined at their slowest pace this year while manufacturing, investment and retail sales all picked up steam, setting the stage to present overall positive results for the whole year.

The industrial output rose 16.1 percent in October from a year earlier and 2.2 percentage points higher than in September, said the NBS.

The industrial recovery is bound to lay the solid foundation needed for an economic revival, said Sheng Laiyun, spokesman of the NBS, at a press conference.

With powerful policy incentives gaining traction, the consumer market is showing signs of prosperity. Retail sales in October rose 16.2 percent year on year to 1.17 trillion yuan ($171 billion), 0.7 percentage point higher than in September.

Consumption is playing a bigger role in economic stimulation, and the rising level of residents' income is also delivering a boost to consumer confidence, added Sheng.

Moody's Investors Service changed China's ratings outlook from stable to positive on November 10, while the World Bank had raised its prediction for China's economic growth this year to 8.4 percent from a 6.2-percent estimate in June.