Chinese retail sales grew by 4.8% year-on-year in October picking up from September's 3.2% growth, as per the National Bureau of Statistics on Friday. That annual retail sales forecast exceeded the 3.8% growth predicted by a Reuters poll.
What Happened: The robust growth in Chinese retail sales in October was fueled by the monetary stimulus measures that the People's Bank of China unveiled in the latter half of September as a last-ditch effort to revive the country's struggling economy.
The share price of the top three Chinese e-commerce players, Alibaba Group Holding Limited
Meanwhile, Alibaba Group Holding's American Depository Receipts BABA have plunged by 11.90% over the last month, according to Benzinga Pro data. PDD Holdings PDD and JD.com JD ADRs have declined by 13.10% and 18.93%, respectively. The shares have underperformed their index, as the NYSE Composite rose by 0.28%, while the Nasdaq Composite advanced by 4.32% in the same period.
Why It Matters: The Chinese stimulus is aimed at stimulating spending and investment in an economy that's been suffering from weak demand and a cooling property market. The measures also include a stimulus package of around 1 trillion yuan, or more than $140 billion, in liquidity.
