China records strong industrial, retail growth in November

BEIJING: China enjoyed a betterthan-expected pickup in the key retail and industrial sectors in November, data showed yesterday, providing a further boost to Beijing after finally agreeing a mini trade pact with the United States last week.

The readings come at the end of a tough year for the world’s number two economy, which is expanding at its weakest rate for three decades as it is buffeted by the long-running trade war with the US as well as a slowdown in global demand for its goods.

Industrial production increased 6.2% on-year last month, up from 4.7% in October and the best reading in six months.

There was also positive news for the country’s shops, with retail sales up 8.0%, compared with a 7.2% rise the month before.

The figures exceeded expectations, with analysts surveyed by Bloomberg predicting just 5.0% growth in industrial production and 7.6% in retail sales.

Fu Linghui, spokesman at the National Bureau of Statistics, said the key economic indicators “performed better than expected” in the “face of mounting risks and challenges both at home and abroad”.

But he warned there was still “downward pressure” on the Chinese economy owing to “increasing external instabilities and uncertainties”.

Investment in fixed capital was up 5.2%, the same as October and in line with predictions.

Economic growth slowed to 6% in the third quarter as demand for exports cooled and Chinese consumers tightened their belts.

Fu said Beijing was on track to meet its growth target of 6.0-6.5% for 2019, but “must also acknowledge that the current international environment is still relatively complicated”. – AFP