The National Bureau of Statistics of China reported steady economic recovery in November, driven by robust policy support and structural reforms.
Gains were observed across industrial and service sectors, with stable employment figures and continued trade growth highlighting resilience amid global challenges.
Authorities have pledged to deepen reforms, expand domestic demand, and promote high-quality development, aiming to solidify recovery momentum and achieve annual economic goals.
China’s grain output reached a historic milestone of 1.4 trillion jin (700 million tons) in 2024, marking a 1.6% year-on-year increase. This growth was underpinned by a rise in sown area and yield per unit.
Industrial production advanced by 5.4% year-on-year in November, with high-tech and equipment manufacturing recording notable growth at 7.8% and 7.6%, respectively. Significant increases were seen in the production of new-energy vehicles, up 51.1%, industrial robots, lifting 29.3%, and integrated circuits, up 8.7%.
Retail sales grew by 3.0% year-on-year, below market expectations of 4.6%. Rural areas saw stronger growth, adding 3.2%, while online retail sales reached 14 trillion yuan over the first 11 months, increasing 7.4% from the prior year, accounting for 26.7% of total retail activity.
Fixed asset investment grew 3.3% year-on-year, with high-tech industries seeing an 8.8% rise. Notably, investments in aerospace equipment manufacturing surged 35.4%. While real estate investment fell 10.4%, broader infrastructure investments provided balance, growing by 4.2%.
The urban surveyed unemployment rate held steady at 5.0%, in line with expectations and averaging 5.1% for the year.