China’s industrial production growth slowed to 4.8 percent year-on-year in November, a 15-month low that failed to meet the 5 percent expansion predicted by a Reuters poll, the same outlet reported.
Retail sales, meanwhile, grew at their slowest pace – just 1.3 percent year-on-year – since December 2022, when the mainland ended its pandemic restrictions. It also came in below forecast.
Xu Tianchen, senior economist at the Economist Intelligence Unit, told Reuters that the slumped figures could indicate Beijing’s policymakers had “turned their attention to 2026,” given the central government’s five percent growth target for the economy already appeared to be in the bag.
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November’s industrial output was uneven, however – with 30 of the country’s 41 major industrial sectors and about half of its major industrial products clocking growth, Chinese media reported.
The value-added output of the automobile manufacturing, railway, shipbuilding, aviation and aerospace sectors performed particularly well, showing year-on-year growth of almost 12 percent.
National Bureau of Statistics spokesperson Fu Linghui said China’s economy remained broadly stable in November, adding that authorities would continue efforts to stabilise employment, support businesses, maintain orderly market conditions and shore up expectations.
