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China’s economy showing mixed picture as consumption on rise
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CHINA’S economy showed a mixed picture in November as consumption became a leading force in growth while expansion of industrial production and investment moderated.
Retail sales, a broad measure of general consumption, gained 13.7 percent from a year earlier to 2.1 trillion yuan (US$341.4 billion) in November, the National Bureau of Statistics said this afternoon.
The pace, picking up from an increase of 13.3 percent in October, was the only accelerating growth rate among the set of data released today.
Industrial production expanded 10 percent from a year earlier last month, but the expansion slowed from the increase of 10.3 percent in October. Fixed-asset investment rose 19.9 percent to 39.13 trillion yuan in the first 11 months, also moderating from the increase of 20.1 percent in the first 10 months.
China is to unveil the outline of next year's economic policies soon. Today, the Central Economic Work Conference started in Beijing, which is expected to release a statement tomorrow to set the tone for 2013's policies.
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