Overview
- Retail sales rose 1.3% year on year in November, far below forecasts and down from 2.9% in October, with analysts citing a sharp drop in auto sales and Singles’ Day timing effects.
- Industrial output increased 4.8% from a year earlier, easing from October and missing expectations for a stronger reading.
- Fixed-asset investment contracted over January–November, with outlets reporting declines between 1.3% and 2.6% as statistical revisions complicated comparisons.
- The property downturn persisted, with new home prices down 0.4% month on month and 2.4% year on year in November and real estate investment falling 15.9% in the first 11 months.
- Officials flagged readiness for counter-cyclical and cross-cyclical support, the finance ministry outlined plans for ultra‑long special bonds and trade‑in programs, and resilient exports kept growth near target even as the swollen surplus drew tariff threats from Europe and Mexico.