China's economy demonstrated remarkable resilience in November, continuing its upward momentum since September. The National Bureau of Statistics (NBS) reported significant gains across industrial production, services, and retail sectors, signaling a robust recovery.
The value-added industrial output surged by 5.4% year-on-year, driven by high-tech and equipment manufacturing. Notably, new energy vehicle production increased by 51.1%, industrial robots by 29.3%, and integrated circuits by 8.7%, highlighting China's focus on advanced technology sectors.
In the services sector, the production index rose by 6.1% compared to last year, with telecommunications, internet software, IT services, financial services, capital markets, and insurance all recording strong business activity indices above 55.0%. Real estate and transportation sectors also saw notable growth, with production indices up by 2.9% and 6% respectively.
Retail sales remained healthy, increasing by 3% year-on-year in November. From January to November, total retail sales of consumer goods reached 44.27 trillion yuan ($6.07 trillion), marking a 3.5% growth from the previous year.
Fixed asset investment showed stability with a 3.3% year-on-year increase in the first 11 months of the year. High-tech industries led the way, with investments growing by 8.8%, driven by expansions in high-tech manufacturing and services.
China's job market remained stable, with the urban surveyed unemployment rate averaging 5.1% from January to November, a slight improvement from 5.2% the previous year.
Reference(s):
China's November economy continues to rebound, official data shows
cgtn.com
