SHANGHAI — The stock market finished marginally higher on Wednesday following the release of economic data that largely met expectations.
The Shanghai Composite Index finished 0.3 percent higher (the fifth rise in six days) following news that retail sales rose 11 percent year-on-year for the month of October.
This growth rate was marginally better than the 10.9 percent jump seen in September and the fastest seen so far in 2015. The data underscores the increasing importance of China’s services sector, as well as showing the slow but steady march of China’s economy towards reliance on domestic consumption.
Industrial production growth slowed slightly to 5.6 percent on the year last month, down from 5.7 percent growth in September and missing the expected growth figure of 5.8 percent.
Perhaps the most negative performance was in fixed-asset investment, which grew 10.2 percent in the first 10 months of this year, its slowest rate of growth since 2000.