China's industrial output and retail sales growth both accelerated in November, government data showed today, in a sign of stabilisation for the world's second-largest economy.
Industrial output rose 6.2 per cent in the month, ahead of both October's figures and economists' predictions of 6.1 per cent in a Bloomberg News survey.
Retail sales rose 10.8 per cent on-year in nominal terms, up from 10.0 per cent in October, while fixed-asset investment, a gauge of infrastructure spending, rose 8.3 per cent in the first 11 months of the year, the National Bureau of Statistics (NBS) said.
"Economic development was steady and sound in November," the NBS said in a statement, noting that supply-side structural reform, stimulus policies, and improved factory efficiency contributed to the results.
Total retail sales reached 3.1 trillion yuan (USD 450 billion) in the month.
China is a key driver of the world economy but its expansion has slowed significantly from the double-digit years of the past.
Now Beijing is seeking to make a difficult transition away from its dependence on exports and heavy industry towards consumption as the engine of the economy.
Its economy has shown resilience in the second half of the year, aided by ample credit policies and the weakening of the yuan currency, making Chinese goods cheaper to buy for overseas customers.
Exports beat expectations in November, rising 0.1 per cent on-year to USD 196.8 billion, data showed.
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