BEIJING: China’s retail sales growth was the weakest since Covid while investment slumped further, underlining growing risks to the economy after several months of deterioration.
Retail sales rose 1.3% in November from a year ago, according to data released by the National Bureau of Statistics on Monday. Economists surveyed by Bloomberg forecast the growth pace would stay at 2.9% for a second month.
Industrial production climbed 4.8%, down from 4.9% in the previous month. Fixed-asset investment shrank 2.6% in the first 11 months of the year as property investment continued to crater. The urban unemployment rate was unchanged at 5.1%.
China’s inability to revive consumer spending is exposing the economy to risks abroad, after it relied on foreign demand to propel growth despite the tariff war unleashed by President Donald Trump.
Exports are broadly forecast to slow next year after a surprisingly strong 2025, as protectionism spreads and trade tensions intensify with countries beyond the US.
Weak consumer and business demand at home has haunted the world’s No 2 economy for several years, resulting in entrenched deflation that’s hurting profits and wages.
Signs abound that the worse is yet to come, with loan growth caught in a slowdown and a sharp and puzzling slump in investment in recent months.
At key economic meetings held last week, China’s top leaders listed boosting domestic demand as the top priority in the new year, signaling vigilance against uncertainties in foreign trade. Despite a pledge to maintain policies supportive of growth, no aggressive measures appear to be on the cards for now.
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