China's economy continued its steady growth with positive momentum in November, supported by proactive macroeconomic policies, stable production and employment, and improving market prices. Liu Aihua, spokesperson for the National Bureau of Statistics, highlighted these trends at a press conference held by the State Council Information Office.
Industrial production remained stable, with value-added output from major industrial firms rising 4.8% year-on-year in November. The equipment manufacturing sector grew 7.7%, contributing 59.4% to overall industrial growth. The services sector also expanded, with the services production index up 4.2%.
Retail sales increased 1.3% in November, with certain premium products seeing faster growth. For the first 11 months, retail sales grew 4%, outpacing last year's figures despite a recent slowdown due to a high base effect. Fixed-asset investment (excluding rural households) fell 2.6% year-on-year, but investment excluding real estate development rose 0.8%.
Foreign trade remained resilient, with total goods imports and exports up 4.1% in November, including a 5.7% rise in exports. The urban surveyed unemployment rate held steady at 5.1%, while the consumer price index (CPI) rose 0.7%, marking a third consecutive monthly increase.
Efforts to cultivate new quality productive forces showed positive results. High-tech manufacturing output grew 9.2% in the first 11 months, while smart consumer device manufacturing rose 7.6%. Breakthroughs in AI and embodied intelligence boosted industrial upgrades. Green industries, particularly new energy vehicles, expanded rapidly, with output up 26.5%.
Despite challenges, China's economic resilience, policy support, and emerging growth drivers provide a solid foundation for achieving annual targets. International institutions, including the World Bank and IMF, have raised their 2025 growth forecasts for China, reflecting confidence in its economic prospects.
Regarding declining investment, Liu noted that while overall investment slowed due to real estate sector weakness, key sectors maintained growth. She emphasized China's vast investment potential in areas like new productive forces, regional development, and public services, calling for continued structural optimization and private sector engagement to sustain high-quality growth.
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