China's economy loses steam as factory output, retail sales miss forecasts

China's factory output grew more slowly than expected and retail sales unexpectedly dropped in October, suggesting the world's second-largest economy is losing momentum as it struggles with protracted COVID-19 curbs and a property downturn, Qazet.az reports.

Property investment also fell at its fastest pace in 32 months, pointing to further weakness in a sector that accounts for a quarter of the economy.

China's economy is facing a series of headwinds including its zero-COVID policy, a property slump and global recession risks. Recent moves to ease some COVID curbs and provide financial supportto the property market have underpinned market sentiment, but analysts expect Beijing's strict COVID policy to continue to weigh on economic activity.