BEIJING, Nov. 14 (Xinhua) -- China's fixed-asset investment and industrial production both rose at a faster pace in October, but consumption increase slowed, data showed Wednesday.
Fixed-asset investment growth accelerated for the second consecutive month to 5.7 percent in the January-October period, up from 5.4 percent for Jan.-Sept., according to data from the National Bureau of Statistics (NBS).
Value-added industrial output expanded 5.9 percent year on year last month, up 0.1 percentage point from that recorded in September.
Retail sales growth slowed more than expected to 8.6 percent in October from a rise of 9.2 percent in September. It climbed 9.2 percent for the first 10 months.
NBS spokeswoman Liu Aihua said the slower consumption growth was partly caused by the shift of Mid-autumn Day festival from Oct. last year to Sept. this year.
The country's e-commerce giant Alibaba recorded a record of 213.5 billion yuan (about 30.76 billion U.S. dollars) in sales on Nov. 11, the Singles' Day online shopping spree, exceeding the combined sales for Black Friday and Cyber Monday in the U.S.
CICC analysts said the weak retail sales in October also reflected softer discretionary consumption demand. Auto sales, which take up around 10 percent of total retail sales, plunged 6.4 percent last month and became one of the major drags.
The country's economic growth was operating within a reasonable range, and the trend for its long-term sound development remained unchanged, Liu said.
To ensure economic stability, the country has unveiled a flurry of policies, which have paid off, Liu said.
Infrastructure investment increased 3.7 percent in the first 10 months, with the pace of growth picking up for the first time this year. Private sector investment, which accounts for about 60 percent of the total fixed-asset investment, also expanded at a faster pace of 8.8 percent in the first 10 months, compared with an increase of 8.7 percent in the first three quarters.
However, property investment continued to cool as the government maintained its tightening measures to curb speculation in the market. Growth of housing sales measured by floor area in October fell to the lowest in six months, according to NBS data.
Looking ahead, both property and land transaction growth pointed to a further downside in property investment growth, CICC analysts said.
Liu warned about external uncertainties and downward pressure on the economy. However, with inflation being mild, fiscal deficit ratio at a low level, the government's debt ratio within a reasonable range and foreign exchange reserves being sufficient, the country has ample room to maneuver its macroeconomic policies, she said.
