China’s economic recovery broadened in November as retail sales, industrial production rose further

Retail sales grew by 5.0 per cent from a year earlier, marking the fourth successive month of expansion

Industrial production, a gauge of manufacturing, mining and utilities output, grew by 7.0 per cent from a year earlier, up from 6.9 per cent in October

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Retail sales, a key indicator of consumption trends in the world’s most populous nation, grew by 5.0 per cent from a year earlier, marking the fourth successive month of expansion. Photo: Reuters

Published: 10:00am, 15 Dec 2020Updated: 10:51am, 15 Dec 2020

China’s economic recovery broadened in November as both retail sales and industrial production growth accelerated, data released on Tuesday showed.

Retail sales, a key indicator of consumption trends in the world’s most populous nation, grew by 5.0 per cent from a year earlier, marking the fourth successive month of expansion.

This was up from 4.3 per cent growth in October and was as expected, with a poll of analysts conducted by Bloomberg having predicted growth of 5.0 per cent.

The November growth rate was the highest since reaching 8.0 per cent in December 2019.

Industrial production, a gauge of manufacturing, mining and utilities output in the Chinese economy, grew by 7.0 per cent from a year earlier, up slightly from 6.9 per cent in October. Analysts had predicted a growth of 7.0 per cent.

The November growth rate was the highest since reaching 8.5 per cent in March 2019.

Fixed asset investment grew by 2.6 per cent over the first 11 months of the year, up from 1.8 per cent in the first 10 months. This was in line with analysts’ expectations of 2.6 per cent growth.