Overview
- Official figures showed retail sales up 1.3% year on year in November and industrial output up 4.8%, both slowing from October and missing forecasts.
- Fixed‑asset investment contracted over January–November, worsening from the January–October period, with analysts noting statistical corrections contributed to the slump.
- New home prices fell 0.4% from October and 2.4% from a year earlier, underscoring persistent property weakness that continues to weigh on household demand.
- Auto sales were a key drag on consumption, with November retail volumes down roughly 8% year on year as paused trade‑in subsidies and earlier Singles’ Day promotions shifted purchases into October.
- Authorities flagged counter‑cyclical measures, including plans for ultra‑long bonds and consumer trade‑in programs, while a record trade surplus has supported growth but intensified trade tensions in Europe and Mexico.