China’s economy continued its recovery momentum in November, with major indicators staying within a reasonable range, according to data from the National Bureau of Statistics (NBS), which recently revealed Retail sales of consumer goods in the month rose by 3.9 per cent year on year (YoY), while value-added industrial output increased by 3.8 per cent YoY.

Fixed-asset investment went up by 5.2 per cent YoY in the first 11 months of the year, with investment into high-tech industries accelerating, the data showed.

The country’s surveyed urban unemployment rate stood at 5 per cent in November, 0.2 percentage points lower than the same period last year.

China’s economy continued its recovery momentum in November, with major indicators staying within a reasonable range, according to data from the National Bureau of Statistics (NBS), which recently revealed Retail sales of consumer goods in the month rose by 3.9 per cent year on year (YoY), while value-added industrial output increased by 3.8 per cent YoY.

“The resilience of development has been continuously enhanced and the economic operation is generally stable,” NBS said in a statement.

“Despite multiple pressures, the fundamentals of China’s long-term economic development stood unchanged,” said NBS spokesperson Fu Linghui at a press conference.

The value-added output for major companies in the manufacturing sector accelerated growth, while high-tech industries saw rapid growth, an official news agency reported.

As macro policy adjustment intensifies, policies to ensure supply and price stability take effect and measures to expand domestic demand gain momentum, expectations from firms will maintain generally stable, Fu said.

Looking forward, China’s domestic demand still has huge potential for growth while unbalanced development in urban and rural regions leaves room for more investment, both of which will shore up the country’s growth in the future, he said.

Fibre2Fashion News Desk (DS)