Shanghai: Chinese retail sales grew in October at the fastest rate in five months boosted by an extended holiday at the start of the month, though other indicators point to still-sluggish demand in the world’s number-two economy. The country slipped back into deflation last month, while exports continued to fall, highlighting the challenge for officials grappling with weak domestic consumption and a faltering recovery since Beijing abolished strict zero-Covid curbs in late 2022. Retail sales jumped 7.6% year-on-year in October, according to data released yesterday by the National Bureau of Statistics, up from September’s 5.5% and the highest growth since May. However, Zhiwei Zhang, chief economist at Pinpoint Asset Management, wrote in a note that the big figure was “partly…
