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Economy loses further momentum in November
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China's economy continued to lose momentum in November with major activity moderating further, the National Bureau of Statistics said today.
The downward trend in the world's second-largest economy poses a challenge for policymakers who have pledged to keep both economic growth and policies steady in 2015, analysts said.
Industrial production expanded 7.2 percent in November from a year earlier in November, a drop from a 7.7 percent rise in October, official data showed. It was the second-lowest monthly reading since April 2009, with only August of this year recording a lower rate of 6.9 percent.
Fixed-asset investment gained 15.8 percent in the first 11 months, hitting a 13-year low. It compared to a 15.9 percent rise during the January-October period.
Retail sales turned out to be only bright spot, accelerating 0.2 percentage points to 11.7 percent in November, bolstered by massive online shopping on so-called Single's Day.
"Activity remained weak in November," said Zhou Hao, an economist at Australia & New Zealand Banking Group Ltd. "It suggested that further monetary easing is highly needed to arrest the economic slowdown."
Lian Ping, an economist at Bank of Communications, said the sharp deceleration in industrial production was in part due to temporary factory closures during the APEC summit in Beijing.
China's gross domestic product grew 7.3 percent from a year earlier in the third quarter, the slowest pace in more than five years that was led by price corrections in the property sector.
To support growth, the People's Bank of China last month lowered benchmark interest rates for the first time in more than two years, following policies that loosened restrictions on real estate transactions.
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