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China's economy roars back to life

CHINA'S economy performed strongly in November, with soaring industrial production, rising investment, steady retail sales and improving trade, while consumer prices returned to growth.

Analysts said the better-than-expected performance paved the way for stable growth next year, and said people's confidence has been further strengthened after the government pledged to maintain economic policies.

"China's November data again beat our expectations," said Li Maoyu, an analyst at Changjiang Securities Co. "The accelerating growth in industrial production and surprising improvement in trade are very encouraging."

Output of China's manufacturing sector gained 19.2 percent in November from the previous year. The rate picked up from the advance of 16.1 percent in October and set growth through November at 10.3 percent, the National Bureau of Statistics said today.

China's exports, the hardest-hit sector by the global economic slowdown, declined 0.3 percent on an annual basis to US$113.6 billion last month after seasonal adjustments. It compared with a drop of 13.8 percent a month earlier, according to the General Administration of Customs.

Imports staged a surprising comeback by rising 22.2 percent to US$94.5 billion last month after a tumble of 6.4 percent in October. Trade surplus thus reduced to US$19.1 billion in November from October's US$24 billion.

Urban fixed-asset investment in the first eleven months swelled 32.1 percent year on year to 16.8 trillion yuan (US$2.45 trillion), similar to an increase of 33.1 percent in the first 10 months.

Retail sales advanced 15.8 percent from a year earlier to 1.13 trillion yuan last month, a bit slower than the growth of 16.2 percent in October but still in the range of fast expansion.

China's Consumer Price Index, the main gauge of prices, rose in November after drops for nine straight months. It edged up an annualized 0.6 percent in November, compared with a reduction of 0.5 percent a month earlier.



 

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