New data show recovery in China economy

New data shows China's industrial production and retail sales grew in October due to massive government bailout.

China's National Bureau of Statistics said on Wednesday that demand for Chinese exports also picked up after the recent global financial crisis.

The figures also indicated that the world's third-largest economy could reach its target of eight percent growth in 2009.

"Based on the October data, we have more reason to believe that the foundation for and confidence in achieving the full-year growth target have further strengthened," Reuters quoted NBS spokesman Sheng Laiyun as saying on Wednesday.

Last week, the World Bank improved its growth forecast for China to 8.4 percent in this year.

Sheng says activity in the factories and workshops jumped by 16.1 percent in October compared with a year earlier.

The data shows consumer spending grew 16.2 percent on-year in October — up from 15.5 percent in September.

Experts believe the figures are signs of recovery in China's economy.

"The recovery appears to be broadening, with the drivers of economic growth shifting from stimulus-driven infrastructure projects to private investment and the improvement in exports," said Jing Ulrich, a Hong Kong-based economist with JP Morgan.

It added that exports decreased 13.8 percent to $110.76 billion in October from a year ago.