Retail sales grew just 3% year-on-year in November, the National Bureau of Statistics (NBS) announced, a significant slowdown from 4.8% recorded in October.
Growth in retail sales in China slowed in November, according to official figures released on Monday, a sign of continued sluggish consumption despite a semblance of recovery the previous month.
The world’s second largest economy continues to face a persistent crisis in the real estate sector, trade tensions with the United States and the European Union, and sluggish confidence among households and businesses which is penalizing consumption.
Retail sales grew just 3% year-on-year in November, the National Bureau of Statistics (NBS) announced, a significant slowdown from 4.8% recorded in October.
This figure is significantly lower than the forecasts of analysts surveyed by the Bloomberg agency (5%).
The BNS also announced on Monday a national urban unemployment rate stable at 5% in November, unchanged from the previous month, but this figure paints an incomplete picture of the situation, because it is only calculated for cities.
Industrial production growth edged up from 5.3% in October to 5.4% in November, according to NBS figures.
Beijing has announced a series of measures in recent months to support growth, including interest rate cuts and an increase in the debt ceiling for local governments.
But some experts believe that a more direct budgetary stimulus to boost consumption is necessary to fully restore the health of the Chinese economy.
Beijing is aiming for a GDP growth target of around 5% in 2024, a figure that politicians say they can achieve.
But the International Monetary Fund revised its economic growth forecast for China to 4.8% in October, and anticipates an even more marked slowdown to 4.5% for 2025.
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