Deleveraging eases loan growth

On Sunday, the government reported that industrial output increased 10.3 percent year-on-year in October, up from 10.2 percent a month earlier. Retail sales growth held steady at 13.3 percent.

Inflation as measured by the Consumer Price Index ticked up to 3.2 percent, from 3.1 percent in September, amid quickening economic activity. The CPI figure last month was still within the government's comfort zone.

"Activity growth surprised on the upside. We see slight upside risks to our Q4 GDP and annual GDP forecasts," wrote Goldman Sachs Group Inc in a research note.

The central bank also said that China's total social financing aggregate, a broad measure of liquidity in the economy, was 856.4 billion yuan in October, compared with 1.4 trillion yuan the month before.

It also said that outstanding yuan-denominated loans rose 14.2 percent from a year earlier, compared with expectations of 14.3 percent.

The country's leaders are attending the Third Plenary Session of the 18th Central Committee of the Communist Party of China. The meeting is expected to steer the country to a turning point by unveiling measures to deepen reforms to achieve sustainable development.

One of the government's top tasks is to deleverage the economy, which is increasingly burdened with debt.

The stock of debt surged to about 200 percent of GDP as of the end of 2012, from 129 percent in 2008, when the authorities launched a 4 trillion yuan stimulus amid the global financial crisis.