China’s industrial output grew in line with expectations in November, expanding for the eighth straight month as the economic recovery gathered pace and global demand picked up.
Industrial output growth quickened to 7.0 per cent in November from a year earlier, data from the National Statistics Bureau showed on Tuesday.
That was in line with analyst expectations and faster than the 6.9 per cent expansion in October.
China’s economy has staged an impressive recovery from its COVID-19 paralysis earlier this year, mainly driven by robust exports.
An annual sales promotion extravaganza in November by e-commerce giants has also opened consumers’ wallets in a further boost to orders for small factories.
Retail sales rose 5 per cent on-year, just missing forecasts for 5.2 per cent growth but faster than October’s 4.3 per cent increase.
Car sales saw 11.8 per cent growth and sales of household appliances grew 5.1 per cent in November. Communications equipment sales jumped 43.6 per cent.
Fixed-asset investment rose 2.6 per cent in January-November from the same period last year, in line with a forecast 2.6 per cent growth and faster than a 1.8 per cent increase in the first 10 months of 2020.
Private sector fixed-asset investment, which accounts for 60 per cent of total investment, rose 0.2 per cent in January-November, compared with a 0.7 per cent decline in the first 10 months of the year.
China’s economic recovery looks to be accelerating in the fourth quarter, driven by stronger demand, credit growth and stimulus measures to provide a strong tailwind into 2021.
Factory activity growth hit a more than-three-year high in November as fewer COVID-19 infections boosted consumer confidence.
Exports also surged at their fastest pace in almost three years thanks to hot demand for personal protective equipment and electronics products.