BEIJING: China’s economy in November has maintained its upward momentum since September, with notable gains across industrial production, services and retail, according to data released by the National Bureau of Statistics (NBS) on Monday.
In November, China’s value-added industrial output, an important economic indicator, saw a rapid year-on-year increase of 5.4 percent, with notable growth in high-tech and equipment manufacturing sectors, NBS reported.
Among key products, the production of new energy vehicles surged by 51.1 percent, industrial robots rose 29.3 percent and integrated circuit output climbed 8.7 percent. Meanwhile, the NBS said the services sector also showed strong growth, with the country’s services sector production index rising by 6.1 percent compared to the same period last year.
Specific sectors, such as real estate, saw a 2.9 percent increase in its production indices, while transportation, warehousing and postal services saw a 6 percent increase in production indices. These figures marked a faster growth rate compared to the previous month, reflecting continued recovery.
Among China’s services industries including telecommunications, internet software and IT services, financial services, capital markets, and insurance recorded business activity indices above 55.0 percent, indicating relatively stronger economic activity. Retail sales also showed positive signs in November. The total retail sales of consumer goods increased by 3 percent year on year. From January to November, the total retail sales reached 44.27 trillion yuan ($6.07 trillion), reflecting a 3.5 percent growth from the previous year.
Fixed asset investment remained stable, with a 3.3 percent year-on-year increase for the first 11 months of the year. Investment in high-tech industries grew at a faster pace, up 8.8 percent, driven by investments in high-tech manufacturing and services, which expanded by 8.2 percent and 10.2 percent, respectively.
China’s job market showed stability, with the urban surveyed unemployment rate averaging 5.1 percent for the period from January to November. This marks a slight improvement from the same period last year, when the rate was 5.2 percent. –The Daily Mail-China Daily news exchange item
