The Chinese economy performed better than expected in November, pointing to growth resilience and good signs for economic conditions in December and January, officials and analysts said on Dec 16.
Industrial output expanded by 6.2 percent year-on-year in November, up from 4.7 percent for October. Retail sales growth rose to a five-month high of 8 percent year-on-year, versus 7.2 percent a month earlier.
"The economy sustained the momentum of progress in overall stability," said NBS spokesman Fu Linghui.
"This reflects great resilience, potential and room to maneuver for the Chinese economy amid complicated external conditions," Fu said.
November's Singles Day shopping festival continued to be an important driver of online sales, he said, adding that online sales contributed about 0.9 percentage points to retail sales growth.
1CPI up 4.5%
China's consumer price index, a main gauge of inflation, rose 4.5 percent year-on-year in November, the National Bureau of Statistics said.
The growth rate, which rose from 3.8 percent in October, was the highest in almost eight years.
In the first 11 months of the year, consumer prices rose 2.8 percent on average from a year earlier, the bureau said. Pork prices rose in November by 110.2 percent year-on-year, becoming the main driving force for the rising CPI.
2PPI down 1.4%
China's producer price index (PPI), which measures costs for goods at the factory gate, dropped 1.4 percent year-on-year in November, the National Bureau of Statistics (NBS) said. The reading shrank from the 1.6-percent decline in October.
On a monthly basis, the PPI decreased 0.1 percent last month, compared with that in October, according to the NBS.
In the first 11 months, the PPI on average declined 0.3 percent from that in the same period last year.
China’s purchasing managers' index (PMI) for manufacturing industries, a monthly barometer of factory vitality, rose to 50.2 percent in November, up from 49.3 in October.
A reading above 50 indicates expansion, while a reading below reflects contraction.
The nonmanufacturing PMI hit 54.4 percent, up from 52.8 in October.
4Industrial output up 6.2%
Industrial output expanded by 6.2 percent year-on-year in November.
It was up by 1.5 percentage points from 4.7 percent for October, the National Bureau of Statistics said.
In the first 11 months, the indicator climbed 5.6 percent year-on-year.
5Fixed-asset investment up 5.2%
China’s fixed-asset investment expanded by 5.2 percent in the first 11 months, unchanged from the January-October period.
The FAI amounted to 53.37 trillion yuan ($7.61 trillion) in the January to November period, NBS data showed.
FAI includes capital spent on infrastructure, property, machinery and other physical assets.
6Property investment up 10.2%
China's investment in property development grew 10.2 percent year-on-year in the first 11 months of 2019, down from 10.3 percent for the first 10 months, the National Bureau of Statistics said.
The total property investment during the January-November period stood at 12.13 trillion yuan, the NBS said.
7 Retail sales up 8.0%
China's retail sales of consumer goods rose 8.0 percent year-on-year in November to 3.81 trillion yuan, according to the National Bureau of Statistics.
The pace was 0.8 percentage points higher than the previous month.
The retail sales figure rose 8.0 percent year-on-year in the January-November period, 0.1 percentage points lower than the first 10 months.
8Foreign trade up 2.4%
China's foreign trade volume over the first 11 months of 2019 expanded 2.4 percent year-on-year to 28.5 trillion yuan ($4.14 trillion), registering steady growth, the General Administration of Customs said.
Exports climbed 4.5 percent to 15.55 trillion yuan, and imports totaled 12.95 trillion yuan. The trade surplus was widened by 34.9 percent to 2.6 trillion yuan during the period.
9New yuan loans rise
China's new yuan-denominated loans reached 1.39 trillion yuan in November, a year-on-year rise of 138.7 billion yuan, central bank data showed.
The M2, a broad measure of money supply that covers cash in circulation and all deposits, slightly slowed to 8.2 percent in November, compared with 8.4 percent by the end of October, according to the People's Bank of China.
10FDI up 1.5%
Foreign direct investment (FDI) into the Chinese mainland came in at 93.5 billion yuan, up 1.5 percent year-on-year in November.
FDI inflows expanded 6 percent year-on-year to 845.9 billion yuan in the first 11 months of the year, data from the Ministry of Commerce showed on Dec 13.
In US dollar terms, the FDI inflow stood at $124.4 billion during the period, rising 2.6 percent year-on-year.
11Fiscal revenue up 3.8%
CThe Chinese government's fiscal revenue increased by 3.8 percent in the first 11 months, slower than 6.5 percent in the same period last year, mainly due to the reduction of taxes and fees, according to the Ministry of Finance.
The ministry said from January to November, the country's total tax income was 14.97 trillion yuan ($2.14 trillion), and the tax income declined by about 3 percent on average in October and November.
12Job market remains stable
The urban employment situation stayed stable in November, with the surveyed jobless rate in urban areas standing at 5.1 percent, the same as October.
A total of 12.79 million new urban jobs were created during the first 11 months, meeting this year's target of adding more than 11 million urban jobs ahead of schedule, according to the bureau.
13Power use up 4.5%
China's electricity consumption, a key barometer of economic activity, rose 4.5 percent year-on-year in the first 11 months of 2019, the National Energy Administration said.
Total power use hit 6.51 trillion kilowatt-hours during the period, NEA data showed.
In November alone, the country's power use grew 4.7 percent year-on-year to 591.2 billion kWh.