Chinese data disappoints markets but shares boosted by hopes of US fiscal package and a coronavirus vaccine by year-end

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

China has become the first major economy to recover from the Covid-19 pandemic. It grew 4.9% between July and September from a year earlier, up from a 3.2% annual rate in the previous quarter, according to government data.

The Chinese economy remains resilient with great potential. Continued recovery is anticipated, which will benefit the global recovery.

Related: China becomes first major economy to recover from Covid-19 pandemic

Cross-provincial travel has helped the economy a lot as Mainland China “spenders” have stayed in the home country to spend on tourism services and luxury items in the duty-free shops. These activities have created jobs for low-skilled labour market participants and have helped to further stabilise consumption.

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