China Economy Gains Steam Entering Q4

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Nov. 11 (Bloomberg) –- Bloomberg’s Stephen Engle reports on the positive economic data coming out of China as the 3rd Party Plenum gets underway. He speaks to Angie Lau on Bloomberg Television’s “First Up.” (Source: Bloomberg)

Steve.

Good morning.

That's right.

We got the october numbers for factory output.

They were better than expected.

10.3% in october.

September was 10.2%. the survey was 10%. this is the third consecutive month for double digit gains.

That's a good sign.

Also remember at the end of last week we had an export situation much better than expected after september's contraction.

October exports gained 5.6%. the consensus was 1.7%. so heading into this party gathering, if you want to call it, plenium is the official word.

The third that kicked off on saturday is supposed to wrap up by the end of tomorrow.

Not a big news flow coming out of that gathering.

There's about 370 or so top party officials.

We're talking the top percent anl of the party also stayed on enterprises and of course the pla.

The military here.

Kind of charting out their plan on the depts and breadth of the reforms that they have talked about endlessly since they came into power.

The new leadership team of course last march at the national people's congress.

So how does the economy look heading in?

Well, many economists are expecting a slight slowdown in the near term as these reforms, whatever they may be -- we don't have details yet -- are implemented.

And steven green over at standard chartered, summed up october's numbers as china has a gently recovering economy.

Let's see how the leaders gently ease the public into these reforms that they've talked about so endlessly.

Steve, since you used the word gentle, how gentle is the reaction to this?

The supporters of ousted members have apparently formed their own party just as the communist meeting for the third plenary session -- how significant is this?

Well, it's interesting.

It will be interesting to see how the ruling communist party this, whether they've already pretty much closed this chapter with him being sentenced to life in prison.

But now his supporter wongjong has set up the party which means supreme authority.

Now, wong again is an academic and supporter says this party is not being set up to challenge the one-party setup in china.

It is simply to make sure that the communist party adhere's to the constitution and the rule of law.

Again, this is a big debate here in china.

There's been some hard-liners, if you will, within the communist party of china who want to quash so-called constitutionalists in china.

The constitutionalists of course want the communist party to obey the law.

So it will be interesting to see how this will be handled.

This text has been automatically generated. It may not be 100% accurate.

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