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[BEIJING] China's industrial production increased in November and retail sales held up during a key shopping season, offering reassurance that the world's second-largest economy is showing signs of stabilisation.
Industrial output rose 6.2 per cent in November from a year earlier, the National Statistics Bureau said Saturday, compared with the 5.7 per cent median estimate of economists surveyed by Bloomberg and October's 5.6 per cent. Fixed-asset investment increased 10.2 per cent in the first 11 months, while retail sales gained 11.2 per cent in November.
Chinese officials seek to maintain medium to high-speed growth while shifting to a more balanced, services and consumption-led economy and away from manufacturing and infrastructure spending. Arresting the sharp slowdown at factories and construction sites is the key to make a smooth transition and give time for new growth drivers to catch up.
"Intensified policy support and faster project implementation towards year end could help offset partly the downward pressure," UBS Group AG economists led by Zhang Ning in Hong Kong wrote in a note before the data release.