China’s retail sales growth slows in latest blow to economic recovery
- Retail sales and industrial production grew by 3.9 per cent and 3.8 per cent, respectively, in November from a year earlier
- Fixed-asset investment grew by 5.2 per cent in the January-November period, while the surveyed jobless rate rose to 5 per cent last month
Retail sales growth in China slowed in November and fell short of expectations, data released on Wednesday showed, underscoring concerns raised by top decision-makers last week.
Industrial production, a gauge of activity in the manufacturing, mining and utilities sectors, grew by 3.8 per cent in November from a year earlier after a gain of 3.5 per cent in October, according to the National Bureau of Statistics (NBS). The figure was above the median forecast in the Bloomberg survey for a rise of 3.6 per cent.
“Covid-19 remained the key reason holding back a full recovery. Efforts to contain the virus flare-up, beginning in mid-October, lasted through most of November as infections reached 21 provinces, making consumers more cautious,” said Sheana Yue and Mark Williams from Capital Economics.
In terms of sectors, the value added by mining was up by 6.2 per cent year on year, while manufacturing rose by 2.9 per cent, and the production and supply of electricity, heat power, gas and water rose by 11.1 per cent. The value added by the hi-tech manufacturing sector rose by 15.1 per cent year on year. The output of new energy vehicles rose by 112 per cent year on year.