China’s economy warms as pace of recovery gains
Print Edition
CHINA’S economy warmed in November as industrial output grew and investment stabilized, the National Statistics Bureau said yesterday.
Industrial output rose 6.2 percent annually in November, up from 6.1 percent in October.
The growth was attributed to a strong performance in the electronic equipment and automobile sectors, Mao Shengyong, the bureau’s spokesperson, said at a briefing yesterday.
Private investment grew 3.1 percent in the first 11 months from 2.9 percent in the January-October period — a third straight month of growth. It hit a record low of 2.1 percent in the first eight months of the year. Private investment accounts for 61.5 percent of overall investment in China.
“November activity data surprised the market on the upside, as the economic recovery gained momentum,” said Julia Wang, an economist at HSBC. “Manufacturing investment grew at the fastest pace in a year with a broad-based recovery in heavy industries, machinery and auto, helping to sustain the recovery in private business investment.”
She said the government should continue fiscal support to sustain the growth momentum as the economy has just emerged from deflation, and the recovery is still quite uneven.
Retail sales of consumer goods jumped 10.8 percent year on year in November to 3.1 trillion yuan (US$450 billion), accelerating from the 10-percent surge in October, the data showed.
Chinese stocks rose yesterday after the upbeat data. The benchmark Shanghai Composite Index went up 0.07 percent to close at 3,155.04 points.
Top leaders are due to map out their economic and reform agenda for 2017 during an annual Central Economic Work Conference later this month.
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