China Nov factory output, retail sales stronger than expected

[BEIJING] China's factory output rose 6.2 per cent in November from a year earlier, while retail sales jumped 10.8 per cent, both beating expectations, while fixed-asset investment was in-line with forecasts.

Analysts polled by Reuters had predicted factory output growth of 6.1 per cent, the same as October.

Growth of fixed asset investment was 8.3 per cent in the January-November period, the National Bureau of Statistics said on Tuesday, the same pace as in the first 10 months of the year and meeting analysts' estimates.

Growth of private investment quickened to 3.1 per cent from 2.9 per cent in January-October, suggesting an improved appetite from private firms to invest.

Private investment accounts for about 60 per cent of overall investment in China.

Retail sales picked up 10.8 per cent in November on-year, much stronger than expectations, as many shoppers splurged on "Single's Day" on Nov 11.

Chinese e-commerce giant Alibaba Group Holding Ltd said it racked up more than US$5 billion in transactions in the first hour.

Analysts had forecasted they would rise 10.1 per cent, edging up from the prior month.

China's economy has started to stabilise over the last few quarters as increased government spending and a housing market rally fuel a construction boom, but private investment remains weak.

REUTERS