China's property slump dampens upbeat economic data

STORY: Chinese officials announced upbeat numbers on the economy on Monday.

Though the sagging property sector remains a drag on data as well as wider confidence about the country's recovery.

The National Bureau of Statistics said that factory output and retail sales did better than expected in January to February.

It's a solid start for 2024 and offers some relief to policymakers.

At a news conference, the bureau's spokesperson said macro-economic policies have helped China recover, but warned of challenges ahead amid external uncertainties.

The data released show industrial output rose 7% in the first two months of the year.

That's above the 5%-increase forecast in a Reuters poll of analysts.

It's also the quickest growth in almost two years.

Retail sales rose 5.5%.

That's slower than December figures - but still beat expectations.

Property slid 9% from the same period this time last year.

It's not nearly as bad as the 24%-plunge in December, but is still far from levels of stability.