RISING DRAGON: With industrial production now growing at a faster rate than in much of 2019, China’s overall rate of growth is moving towards the 6% level it recorded last year, before the pandemic hit. Picture: Bloomberg/David Paul Morris
RISING DRAGON: With industrial production now growing at a faster rate than in much of 2019, China’s overall rate of growth is moving towards the 6% level it recorded last year, before the pandemic hit. Picture: Bloomberg/David Paul Morris

Back in business

China’s economy expanded 4.9% year on year in the third quarter as industrial growth powered the country’s recovery from the coronavirus pandemic.

While GDP growth missed expectations, it was well ahead of the second quarter’s 3.2% increase. Retail sales, which have lagged behind the wider recovery, also recorded their best performance this year, beating expectations to rise 3.3% last month.

Financial Times

Bonus hope blighted

Citigroup, JPMorgan Chase and Bank of America have warned staff their bonuses will not keep pace with blowout performances in areas such as fixed-income trading and debt and equity underwriting, setting the scene for a record gap between payouts and profits.

Senior investment executives at two of the banks told the Financial Times they were trying to "manage expectations" by reminding staff that the wider businesses have booked huge loan loss charges to prepare for a surge in defaults.

Financial Times

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