As revealed by the National Bureau of Statistics on Monday, China’s retail sales in November experienced a year-on-year increase of 3%, falling short of the 4.6% forecast in a Reuters poll.
This indicates a slower trend compared to October’s 4.8% increase, which stood as the fastest growth since February, attributed to the annual Singles’ Day shopping festival, which started more than a week prior to the 2023 event.
Furthermore, real estate investment slumped further during the January to November period, with a 10.4% decrease compared to the previous year, continuing the trend from the 10.3% drop seen during the January to October period.
Industrial production in November saw a 5.4% increase compared to the previous year, surpassing the 5.3% growth forecasted by economists surveyed by Reuters and showing acceleration from the 5.3% rise in the previous month.
China’s economy endured multiple pressures throughout the year, with persistent property market challenges, local government debt risks, and high unemployment affecting consumers and businesses’ confidence.
During recent high-level economic policy meetings, Chinese leaders indicated a greater sense of urgency in bolstering the struggling economy, signaling a shift in policy focus towards enhancing consumption in preparation for potential trade tensions escalation with the US.
Authorities pledged to introduce “proactive fiscal measures” and maintain a “moderately loose” monetary policy in the coming year and committed to aggressively promoting domestic consumption and boosting demand across all sectors, as reported by the state-owned Xinhua News Agency.
