China’s economic recovery showed steady progress in November, driven by a 3.0% rise in retail sales and a 5.4% increase in industrial production, according to official data. The uptick in retail activity signals improved consumer confidence, despite ongoing challenges in the property sector and global trade. Meanwhile, industrial output growth exceeded expectations, reflecting resilience in manufacturing and energy production.
Analysts noted that these figures highlight a gradual recovery, though they fall short of the government’s full-year targets. Retail growth was supported by promotions during the Singles’ Day shopping festival, while industrial performance benefited from stabilization in energy supply chains. However, external pressures, including slowing global demand, continue to weigh on export-heavy sectors.
China’s policymakers face the challenge of balancing domestic growth with external risks. Market participants are watching for further fiscal measures to boost consumer spending and maintain industrial momentum as the year-end approaches. The November results underline progress but leave questions about the sustainability of the recovery into 2024.
