Shanghai skyline seen from the container station.
Yaolshen | Moment | Getty Images
China recorded the biggest expansion in industrial production since February 2022 in November, but retail sales growth was weaker than expected, pointing to a patchy recovery for the world’s second-largest economy.
China’s industrial production increased by 6.6% in November compared to the same month last year. According to the country’s National Statistics Office on Friday.. This exceeded expectations in a Reuters poll (5.6%) and followed a 4.6% rise in October.
Retail sales in November increased by 10.1% compared to the same month last year, the highest growth rate since May. Analysts had predicted a 12.5% jump after a low level in 2022, when China’s zero-corona virus containment measures had a negative impact on the economy. Retail sales rose 7.6% in October.
China’s urban unemployment rate remained at 5% in November.
The latest retail sales figures confirm the soft trend in domestic consumer demand evident in a slew of recent data, and a document outlining economic priorities for 2024 released by Chinese leaders at the end of a meeting on Tuesday evening. It was the center of
China’s consumer prices fell in November at the fastest pace in three years, while producer prices fell for 14 months. in USD terms, Imports decreased by 0.6% The year-on-year increase fell short of the 3.3% rise expected by Reuters.
The world’s second-biggest economy’s post-coronavirus recovery has so far been weaker than expected, plagued by a worsening property crisis, debt risks and chronic youth unemployment. Despite a number of policy support measures, business confidence has not improved sufficiently, and concerns about the worsening economic slowdown have led to increasing calls for the Chinese government to strengthen its economic stimulus measures.
This is a developing story. Check back for more updates.