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China rebound forecast to extend
Full-year growth target of 7.5% is also expected to be achieved.
OCBC Treasury Research noted:
Industrial profits rose for the first time in six months last month by 7.8% yoy to CNY464.3bn (Aug: -6.2% yoy), according to the National Bureau of Statistics.
Meanwhile, Jia Kang, a Ministry of Finance researcher, commented that China will achieve its full-year growth target of 7.5% this year, and a “rebound in the fourth quarter is likely to extend into next year.”
Manufacturers and retailers are less optimistic about sales compared to three months ago, and more companies are cutting jobs, according to its Beige Book report.
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