BEIJING: China on Friday reported strong November economic data, with industrial output expanding 6.6 percent year-on-year, the fastest pace in nearly two years, and retail sales also seeing steady 10.1 percent growth, said the National Bureau of Statistics.
Observers told Global Times that the upbeat indicators show China’s economy sustaining “continued recovery and progress” as policies take effect to address challenges like global tensions, weak domestic demand and the property slowdown. With full-year GDP growth likely around 5 percent, analysts see room for further recovery in 2023 if targeted support continues.
The data marked the first major economic figures since the Central Economic Work Conference that set China’s annual policy direction. Economists told Global Times that the latest numbers will guide officials in implementing more tailored measures next year, potentially lifting growth above 5 percent and countering pessimistic Western outlooks.
Fixed asset investment rose 2.9 percent over Janua
ry-November, reversing previous declines. Investment in real estate development fell 9.4 percent, but officials expect gradual recovery as optimisation policies are implemented.
Analysts highlighted November’s industrial rebound, citing overseas demand, supporting policies and positive year-end factors. The IMF recently upgraded its China forecast, praising strong household consumption. Economists remain hopeful domestic demand will continue recovering.
After the Work Conference pledged to focus on expanding domestic demand, November retail sales grew at their fastest pace this year. Steady bond issuance for infrastructure investment also injected growth impetus, analysts said.
Economists told Global Times they dismiss doubts over China’s long-term prospects, forecasting 2023 growth potentially reaching 5.5 percent in the first half if key policies quickly take effect, rebutting collapse claims.
Source: Emirates News Agency