China’s economy continued its upward trajectory in November, demonstrating robust growth across key sectors such as industrial production, services, and retail sales, according to data released by the National Bureau of Statistics (NBS) on Monday.
In a significant indicator of economic health, the country’s value-added industrial output surged by 5.4 percent year-on-year. High-tech and equipment manufacturing sectors led the charge, showcasing China’s emphasis on innovation and technological advancement. Notably, the production of new energy vehicles skyrocketed by 51.1 percent, industrial robots increased by 29.3 percent, and integrated circuit output grew by 8.7 percent.
The services sector also reported strong performance, with the services production index rising by 6.1 percent compared to the same period last year. Specific industries such as real estate experienced a 2.9 percent increase in production indices, while transportation, warehousing, and postal services saw a 6 percent uptick. These figures indicate a continued recovery and faster growth compared to the previous month.
Within the services industries, areas like telecommunications, internet software, IT services, financial services, capital markets, and insurance recorded business activity indices above 55.0 percent, signaling robust economic activity and confidence in these sectors.
Consumer spending also showed positive trends. Total retail sales of consumer goods increased by 3 percent year-on-year in November. Cumulatively, from January to November, retail sales reached 44.27 trillion yuan (approximately $6.07 trillion), marking a 3.5 percent growth over the previous year.
Fixed asset investment, a measure of expenditures on physical assets like infrastructure, machinery, and property, remained stable with a 3.3 percent year-on-year increase in the first eleven months of the year. Investment in high-tech industries outpaced overall growth, rising by 8.8 percent. This was driven by an 8.2 percent increase in high-tech manufacturing and a 10.2 percent expansion in high-tech services investments.
The job market in urban areas remained stable, with the surveyed unemployment rate averaging 5.1 percent from January to November, slightly improved from last year’s 5.2 percent. This stability reflects ongoing efforts to support employment amid global economic challenges.
Overall, the latest data underscores China’s resilient economic recovery and its focus on high-tech industries and services. Analysts suggest that these trends may continue as the country pursues sustainable growth and technological innovation.
Reference(s):
China's November economy continues to rebound, official data shows
cgtn.com
